If you're like many of those currently in today's workforce, you find yourself daydreaming on a regular basis about going into business for yourself. You may even be thinking about taking this beyond the fantasy stage due to the healthy state of the economy. You may be tempted by the idea of buying into a franchise — after all, much of the marketing and business planning is already done for you, and franchise opportunities are currently on the rise. Because of franchise owners of the baby boom generation are retiring in droves, you can probably even find an established franchise in your area to purchase, which will take a lot of the guesswork out of starting a business — you'll be starting out with a solid customer base in place and, hopefully, a good name in the community.
Many people think of franchises as being mostly about fast food, pizza, and fitness center, but other types exist as well. For instance, one of the most popular franchise opportunities currently involves mold remediation. Energy-efficient construction that prevents circulation between indoor and outdoor air and awareness of health issues created by mold have combined to produce an increased demand for this particular service. No matter what the franchise, however, certain factors are necessary for success. Following are five questions you should ask yourself as part of the decision-making process when exploring whether to buy your own franchise is the right decision for you at this time of your life.
Is This a Good Time of Your Life to Pursue a New Venture?
Becoming a franchise owner may be an ideal occupation for you, but if the timing isn't right, you may not be as successful as you like. For instance, if you have four children who aren't yet in school, you might be better off waiting a few years. The same thing applies if you haven't had enough time to save up a fairly substantial emergency fund so that you can successfully weather any roadblocks that may come your way.
Is Your Spouse Enthused About Possibly Opening a Franchise?
Even if your spouse doesn't intend on working in your franchise or otherwise being involved, it's still important for those starting a business to have the support of their spouses. Franchise owners often start out working long, unconventional hours, and this sometimes means that the spouse ends up dealing with the majority of family and household obligations.
Are You Ready to Be 100% Responsible for a Business?
Being mentally ready to be totally responsible for the success or failure of a business is probably the most important element in making a go of a franchise. You'll have to be ready to give up vacations and other luxuries if necessary. You may also have to cut back on socializing with friends and family during the initial stages, and it's likely that you'll be working far more than a normal 40-hour work week.
Do You Have Any Business Training or Experience?
Even though new franchise owners are provided with a considerable amount of support from their corporate office, it's still a good idea to bring some business training or experience to the table. Your local community college can steer you in the right direction if you'd like to take a few business management classes under your belt before taking the plunge.
Can You Handle a Feast-or-Famine Cycle?
Many franchises operate on a feast-or-famine cycle, which means you could be working nearly every waking hour for part of the year and working very few hours in another season. For instance, mold remediation services tend to be in high demand during the summer when atmospheric humidity is at its highest.
If you're interested, reach out to franchising companies that are offering things such as mold inspection franchising opportunities to learn more.
When entering a market, one of the most challenging things to do is to show how your brand is fundamentally different from the brands of other companies that offer similar products. If this is your struggle, you have come to the right website. My name is Daniel Rutkowski and I am a brand fanatic. I used to be fascinated with how new tech products were brought to the market. But over time, I have developed a passion for the marketing of all sorts of products, from furniture to washers, both the hardware and the appliance varieties. This blog may seem eclectic, but you'll never know what useful information you might find.