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Blueprint for Success - Part 2

Written by : John McGavin
2007-08-15

Achieving Your Dream

Franchising is a great choice, but it is only one option for getting into business. It is always good to understand your options and determine what is best for you. Every choice has its advantages and disadvantages. The three basic options are these:

Blueprint for success

The following table shows the variables with each option.

Blueprint for success

Can You Do It? Do You Have The Drive? It is pretty easy to want to own your own business, but "want" is only one criterion to consider before making the financial and emotional decision to go ahead. The FranNet process should help you look at all those criteria. Below are six questions to ask yourself:

Do i undestand and accept the responsibilities of owning my own business?

Franchisors do provide proven systems, training and support. But franchisees manage the business. And this will mean long hours and hard work. Are you aware of all that entails and are you willing to do it?

Will i enjoy my business?

Before you even look at specific types of franchises, you need to examine who you are and what brings you personal satisfaction. Make a detailed list of what you want to get from your business (see section on "The Business Model"). Once you know the attributes a business provides for you, you may be ready to begin looking at specific franchises.

Am i willing to follow the franchisor's system?

You are paying a price to be a part of a franchise. Your investment buys a system of doing business and trains to make you proficient. It buys a brand name and standards to insure your customers will experience the same high quality standards in every unit of that franchise. Be very familiar with what the franchisor provides and ask yourself if you are willing to follow their procedures. If not, do not make an investment in a system you will not use.

Do i have the personal attributes to be successful?

Talk to successful franchisees in the business you are considering to determine "Am I like them?" If they are outgoing, gregarious people, and you are not, it probably will not be a good fit. If the business requires highly organized people, and you are not, keep looking. Do not think you can change and learn these personal attributes. You are who you are and you can find a business for people like you.

Can i Afford the Franchise?

With all the disclosure regulations required in the Uniform Offering Circular, you should have a good idea of the start-up costs of your business. Discussions with successful franchisees can give you more information about the money necessary to run your business and cover your living costs until the business turns a profit. Be conservative. Businesses sometimes fail and not because they are unsuccessful, but because the owner ran out of money before it became profitable.

Do i have family support?

You are making a family decision. A business of your own will affect your family as well. Family members must know and accept the demands that business ownership will entail. Have them involved in every step.

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