Owning and operating your own franchise is the American Dream for many aspiring business owners. Brand loyalty coupled with the desire to be your own boss, start something from nothing, and pass on a legacy are what propel self-proclaimed entrepreneurs to take the plunge into franchisee ownership.
Mark Gurley, contributing writer for the Annapolis Business Journal, has offered 6 key tips to consider before becoming a franchisee. With options like coffee shops, fast food restaurants, fitness centers, hair salons, cleaning services, and donut shops, the ways for you to go into business for yourself seem endless. Gurley suggests starting with the basics.
- Find your passion
First, you must find your passion. What are you passionate about and how can you turn that passion into a job? Research various franchise opportunities to determine what best complements your personality and interests.
- Level of growth
After you pinpoint your particular area of interest, research the growth of that industry. As the economy builds and improves, does the industry grow? When the economy struggles, does the industry level out? You don’t want to invest in a sinking ship. Each industry has its own successful and unsuccessful franchises. Be sure to look into what factors may have caused these successes and failures.
- Seek out existing franchisees
Study. Learn. Observe. Ask. Franchisees who are in business are your ultimate resource. It is crucial to learn from those that have gone before you. The more franchisees you speak with, the more knowledge you gain. Ask a lot of questions…get the good, bad, and ugly of business ownership. Expect a wide variety of responses depending on the location of the franchise and personality of the franchisee. Remember…owning and operating a franchise isn’t for everyone.
- Be your own secret shopper
Another way to get an honest view of the franchise is to actually visit one. While there, be sure to ask yourself questions to see if it is the best fit for you. Consider visiting a location during peak times for the business. You may end up learning a lot more than you expected from the visit.
- Visit franchise headquarters
It is important to educate yourself on the product you represent. Get to know the people at your franchise headquarters. Understand the level of support you can expect from your franchisor.
- Evaluate the franchise disclosure document
It is imperative that you carefully review this document in its entirety. It will describe the total investment. Be sure to fully review the document and consider various aspects to better understand the company.
Once you are done collecting information and have given careful consideration to all the aspects of becoming a franchisee, the next most important question to ask yourself is: Do you have the passion to pursue a franchise business opportunity through the good and the tough times? If the answer is yes, then My Annapolis Office is here to help.
My Annapolis Office is Annapolis’ premier office space provider offering your business the office space, technology, services, and support it needs. Our fully-furnished office space and virtual office solutions give you the flexibility to work on your own terms. Don’t go at franchise ownership alone. Our administrative support staff provides personalized phone answering, mail and package receipt service, and professional reception services. With our prestigious business center, access to meeting rooms, and distinguished mailing address, we give you and your business the support it needs for success.
Surround yourself with other like-minded professionals that are living out their dreams of business ownership with My Annapolis Office. To learn more, call 410-656-1600 or visit us on the web at www.MyAnnapolisOffice.com.
Source: Baltimore Business Journal
