There is something magical about a new year. A clean slate, the chance to start again. It fizzes with possibility. And for some the idea of starting a business is one of the most exciting possibilities. You may have added being a business owner to the ‘one day’ list, or you may be taking firm steps to make that possibility a reality.
Joining a franchise
There is some security in joining a franchise. There is the benefit of a proven system. And being surrounded by a peer group who can support you is incredibly valuable.
There are also risks in joining a franchise. Not just the risks you take on as a business owner. Franchisors fail or they may sell their business. Events you will have no say in, but have to deal with. There is a lot to consider. Most of us have enjoyed a break this time of year. We’ve had some ‘clear air’ to do some thinking, reflecting and planning.
Do you really, really want this?
The festivities are all over. After weeks of social events, buying presents, decorating, preparing the house for guests, going to school concerts and graduations, and the Big Day itself, it’s back to work. Work may be full on. You may be over it and the idea of being a business owner, master of your own destiny, is like a lifeline.
There is a freedom that comes with being your own boss. But there is also a lot of responsibility and accountability.
How realistic are you? Can you separate the dream of owning a business [setting your own hours, being you own boss] with the reality [hard work, wearing many hats, being completely accountable]. You might get to the dream, but the start up of any business is all consuming.
- How well do you understand exactly what is involved in running a business?
- Do you know all the compliance requirements?
- Do you have the time and energy to get your new business off the ground?
The hard slog can last for six months, 12 months, the entire journey. Are you up for it?
Can you invest the time to research thoroughly?
One of the most devastating things I see in our sector is franchisees who have not investigated their business thoroughly enough. Some get swept up in the dream and then blind sided by the reality. Good investigation takes time.
Are you prepared to make the commitment necessary to thoroughly investigate the legal, accounting, financial, marketing, operations and staffing aspects of the franchise systems you are interested in?
Does your family support you?
We place a lot of focus on fam-ily this time of year. Becom-ing a franchisee won’t just impact you, but all your nearest and dearest.
Regardless of your personal situation, there will be family and those close to you to consider in your decisions.
These are the four big questions for your family:
- What information does your family need to support your decision to consider being a franchisee?
- What would the impact be on you, your family and current lifestyle?
- What’s the best possible outcome you could have as a franchisee?
- What’s the worst possible outcome? How would you recover?
When your family and friends are getting back to their familiar routines and you’re asked what’s your plan for 2015, what will you say?