There are many factors that come into play for you to become a successful Franchisee. But some of the most import ones are:
- Skill: The nice thing about franchising is that typically work in the corporate world has given you the skills to be successful in some franchises…management skills or sales skills or production operations or project management…typically finding a franchise that will fit your skill set is not a problem
- Finances: there is some truth to the saying that “it takes money to make money.” So having capital to invest is certainly an important element for consideration. The range of the total investment in a franchise can range from less than $50,000 up to many millions, with the average total investment of around $250,000. There are still a lot of good, solid franchise opportunities though with an investment requirement of less than $100,000 and there are financing options available as well.
- Family Support: you probably wouldn’t buy a house without your spouse’s involvement and buying a franchise is much the same. Starting any kind of business, including a franchise, takes time and dedication; and having your family’s support during the critical start up phase is important. So the sooner you bring them into the process, the better. We encourage all our clients to include their spouses in their meetings with us so that when you make a decision, you will have your full family’s support.
- Follow the System: the reason that franchises are so much more successful than independent businesses is that franchises have proven systems that they train their franchisees in to guide them to do what works, and to stay away from costly mistakes. Following the franchisor’s guidelines is one of the keys to your success.