Check out our 4 top questions to know if franchising is the right choice for you.
If you're keen to go into business for yourself, you're in luck. There is a huge range of franchising opportunities that give you the advantage of instant brand recognition and a proven business model. But just as a franchise needs to be the perfect match for your goals, you need to be the perfect partner for the franchisor.
Before rushing into any particular franchise opportunity, take a step back and be absolutely honest with yourself about a few key issues.
Why do you want to go into business for yourself?
If you're thinking of running your own show because it seems like an easy path to riches, think again. No matter whether you choose a franchise or start an independent venture, small business involves hard work and plenty of it.
Yes, a franchise gives you a head start but the success you enjoy still depends on the effort you put in. If you're happy to roll up your sleeves and get to work, your franchisor will match your efforts providing the training and support needed to help you grow your business.
Are you a team player?
Investing in a franchise means being part of a team. Your franchisor has spent years finessing the business model, growing goodwill and investing in brand recognition. As a franchisee you reap the rewards of this effort but you're also expected to operate within the framework laid down by the franchisor. The way you – and your fellow franchisees - run your businesses, will reflect on the overall brand. If you prefer to call your own shots, a franchise may not be for you.
How involved do you want to be?
If you're planning to stay on in your current job and develop a business on the side,you may be better off starting your own enterprise from scratch.
A franchisor entrusts franchisees with their proven brand. That's a significant leap of faith, and in return franchisees are expected to make a commitment of their own – investing time learning how the business works, being mentored by others to reach their full potential, and attending workshops or training events to keep abreast with any changes that could impact your industry, market or business. That sort of commitment is full time. If you can't give a franchisee (or indeed any business venture) your full attention, your odds of success narrow substantially.
Are you open to reinventing yourself?
This is one of the most exciting aspects of franchising. You don't necessarily need extensive experience in the field the franchise operates in. Sure it can help, but your franchisor will provide extensive training and mentoring. What you do need to bring to the table is enthusiasm in spades.
It also helps to play to your strengths. If you're a ‘people person' for instance, look for a franchise where you have direct customer contact. The reward of helping customers achieve their personal goals can be enormously fulfilling.
For more information on the opportunities offered by a Mortgage Choice franchise and whether a franchise is right for you, call us today on 1300 650 330.