Is 2016 the year that you will become a franchisee?
It is natural at the end of the year to think about how your year shaped up, what you want to achieve in the new year and if there are any changes that you want to make in your life.
So, for those of you who are considering becoming your own boss by buying a franchise, is 2016 the year you are going to take the plunge?
If so, can I give you a few tips to help you make sure that you are making the best move forward for you and your family?
Leigh and I have been franchisees for over 15 years now and we know that:
- All franchise systems are not created equal.
- If you are looking at a bricks and mortar location franchise, not all sites are equal.
- Different franchises give different levels of support.
- Not all franchises have a concept that is going to stand the test of time and the fickle winds of popularity.
If this IS the year that you will be a franchisee, make sure that you look for these things when considering a franchise:
- How long has it been around for and is it recession proof?
- What growth has it had in the past 5 years and what are the projections for the next 5 years?
- What are the hours that it operates and how will that effect your family?
- What is the cost to get in, what are the ongoing costs and is there a cost to purchase a new franchise agreement down the road?
- What is your plan to ‘get out’ further down the road? Can you sell it? If so, what approvals does the franchisor expect?
- Can you afford it financially? If it doesn’t work out for whatever reason, can you survive the lost money?
It is ABSOLUTELY CRUCIAL that you are thinking about these questions before you take the leap, that you talk about them with your family, and you ask the franchisor these questions before you commit to anything.
Owning a franchise is a great thing and we have had great success being franchisees, BUT to be honest, if you make a mistake and you buy into a bad franchise, or you buy a bad site within a franchise, it can be REALLY HARD to get out.
By taking your time and making sure that you ask these questions BEFORE you buy a franchise, I promise that you will find a better site, a better option, a better business for you and your family.
And THAT is the way to become a Franchisee in 2016.
Please know that I have your back when it comes to franchises guys!