As a prospective franchise owner, you will have the opportunity to review a wide assortment of franchise opportunities. You may be introduced to a company you have never even heard of before and find that it is the ideal fit as your step out into the world of entrepreneurship. Or you may investigate further into an opportunity you have been dreaming about only to find that it isn’t quite as perfect for you as you had imagined. If you feel hesitant about investing in a particular franchise, it’s a good idea to do a bit of soul searching to discover the reason why. It is simply a case of cold feet about going into business, or are you sensing some very real red flags that this is not the right franchise opportunity for you?
Let’s examine some of the indicators why a particular franchise might not be a good fit.
Your skillset does not match the opportunity
There are two skillsets you need to consider when looking into franchise opportunities – soft skills and hard skills required of the owner.
Look at your soft skillset first because these are often the hardest to change. These include things like communication and organizational skills. If a franchisor requires their franchisees to be gregarious and meet with the public, but you’d rather spend most of your time in front of a computer screen, then fitting into that franchise could be a real challenge.
Hard skills are easier to analyse – but remember they can also be taught provided you have a least some inclination toward them in the first place. If a franchise involves cake decorating, it’s possible that you may be a good fit even without cake decorating experience as long as you have a creative bent and an eye for detail.
Opportunity is not compatible with income or lifestyle goals
Especially if you are coming from a high paying job in the corporate world, you may not be happy with your franchise choice if the income doesn’t allow you the lifestyle that you’ve grown accustomed to. When reviewing opportunities, it is always a good idea to consider how it will integrate into your personal life.
Another point to consider is the business model itself. Are you looking for a franchise where you can get immersed in all the day to day operations of the business, or would you rather reduce your time commitment by investing in a franchise with a semi-absentee model?
Understanding your own income and lifestyle goals before you invest in a franchise, will help you to make a good decision.
You don’t connect with the current franchisees
Above all else, culture is a gut feeling. So if, after reviewing the opportunity, you simply aren’t connecting with current franchisees, it is a good indication that it is not the right opportunity for you.
When you invest in a business, it is important that you believe in the company, appreciate the corporate culture and can get behind the brand. This connection is not something that can be forced – you will either feel it or you won’t.
How do I find an opportunity that is the right fit?
If you’ve looked at a number of franchise opportunities but are still looking for one that is the right fit, don’t worry. It is all part of the process. By working with a qualified franchise consultant from FranNet, your needs and goals will be assessed in order to help match you with a franchise opportunity that is a great fit. Call us today to get started.
About FranNet NJ NYC
FranNet of New Jersey and New York City has several franchise experts to help you explore the world of franchise ownership. At FranNet, we provide no-cost guidance, information and support to individuals who are interested in purchasing a franchised business. We are experts in helping our clients evaluate the various types of franchise opportunities in the marketplace today. Our goal is to not only help entrepreneurs’ dreams of business ownership come true, but to help people make sound business decisions that give them the best chance for future success. For more details visit – http://www.franchise-njnyc.com/