Are you dreaming of being your own boss and exploring franchise opportunities? Before jumping headfirst into the world of franchise ownership, taking a step back and reflecting on your personal and financial goals is essential. A successful franchisee, Chris Mehalic, once said, “Focus on your core values, goals, personal strengths, and preparedness. Finding the right fit will come naturally with many quality franchise partners.”
When he learned about the Right at Home franchise opportunity, Ken Helmuth quickly realized it could fit him perfectly. “This opportunity found me at exactly the right time in my career. I knew my healthcare leadership experience would align with a homecare business. In addition, I knew that the homecare market for older adults is limitless. There’s ample opportunity to assist and support this growing population segment,” he said.
As you embark on the exciting journey of business ownership, start by asking yourself these seven critical questions:
1. Do you enjoy following a system?
One of the most attractive aspects of buying a franchise is the established and proven system it offers. Franchise companies typically refine their business processes and procedures over time, creating a solid foundation for success. This system minimizes risks, streamlines operations, and accelerates your path to profitability. However, it’s essential to recognize that franchising may not suit everyone. If you’re passionate about creating your own business strategies and systems from scratch, franchising might not align with your aspirations. Be honest about your reasons for wanting to own a business.
“Express Employment’s process in getting franchisees started is simply top-notch in everything they do for new franchisees. That extends to the training, the support, and especially the mentorship. But it doesn’t end there. They continue to be right by your side, helping you to succeed as a business owner,” said Jon Noceda, Express Employment Professionals franchise owner since 2015.
2. Do you have the support of your spouse or partner?
When considering franchise ownership, it’s vital to consider the support of your family, especially your spouse or partner. Their support is crucial during the startup phase and beyond. While they don’t need to participate in the business actively, their encouragement and understanding are essential. Define what “support” means to you and discuss it with your loved ones. Before signing a franchise agreement, have an open conversation about the commitment required, the potential changes in your relationship in the short term, and your long-term vision. If your spouse isn’t aligned with your goals, addressing this before proceeding with franchise ownership is essential.
“My wife and I were both at transitional points in our careers and considering what we wanted to do in the second half of our lives. We saw many friends looking for guidance to help their parents age gracefully and comfortably in a familiar environment, and that resonated with us, so we took the leap together,” said Dan Caldicott, HomeWell Care Services franchise owner in Natick, Massachusetts
3. Are you willing and able to take on the role of a franchise owner?
Becoming a franchise owner is a significant undertaking. It offers empowerment, freedom, and potentially life-changing opportunities but can also be intimidating and challenging. As a franchise owner, you’ll need to invest long hours and hard work, especially in the initial years when your business is taking off. Patience and dedication are essential qualities for any business owner, including franchisees. It might take time before your franchise becomes profitable, so be prepared to put in the effort even when immediate rewards are scarce.
“Each year, the FocalPoint Coaching franchise continues to invest in the technology and systems that make our jobs easier and more efficient. Our training is world-class, and our coaches rave about it. Some have said it’s even better than they had at some of the largest global companies that they had previously worked for.” Marc, FocalPoint Coaching Franchise Owner
4. Do you understand the financial and legal implications of franchise ownership?
Purchasing a franchise involves adhering to specific rules and regulations distinct from starting an independent business. Franchises must comply with state and federal laws, making it crucial to consult a franchise lawyer who can explain these details thoroughly. Additionally, there are financial considerations unique to each franchise brand. Seek guidance from a financial advisor to ensure you understand the financial aspects of your franchise investment.
“The support provided by the entire staff at Fibrenew—from training and developing my territory to insurance and financing was first class… understanding the purpose and ‘the why’ of the business gives me great joy,” said Jorge Figueroa, Fibrenew franchise owner and Franchisee Rock Star.
5. Do you want to work a part-time or full-time schedule?
Although owning a business is typically a full-time commitment, some part-time franchise opportunities exist, such as certain cleaning or travel franchises. However, these opportunities are exceptions rather than the norm. Before exploring franchise options, define your realistic expectations regarding your level of involvement. Many franchises may not succeed if operated on a part-time basis, so be clear about your commitment.
“As my daughters were preparing to leave for college, I began looking for a part-time gig. That’s when I came across The N2 Company. Little did I know, what I thought would be a part-time job or hobby has become a full-time business that I absolutely love,” said Christy Gallagher, N2 Company franchise owner.
6. Are you passionate about the industry?
Franchise ownership is often compared to a long-term commitment, similar to a marriage. To ensure success, you must stay engaged and interested in the business throughout the franchise agreement’s duration, which can span 10 to 15 years. Consider what it takes to maintain this commitment, including your role in the business and the industry’s focus. As Nickell Beach, a franchisee of Expedia CruiseShipCenters, advises, “Choose a business and industry that you love and are passionate about.” Your passion for the industry can make franchise ownership even more rewarding.
“It’s funny. I thought owning a franchise would be a healthy distraction for my husband. But I’ve discovered this is my true calling! Maybe the ‘healthy distraction’ was actually meant for me! I have a passion for what I do every day. We’re passionate about helping people live to their fullest potential,” said Stacy Cook, Class 101 franchise owner in Frisco, Texas.
In conclusion, exploring franchise opportunities can be an exciting path to business ownership, but aligning your personal and financial goals with the right franchise and industry is essential. Take the time to reflect on these seven questions, and you’ll be better equipped to decide whether franchise ownership fits you.
