Franchising Offers NO Guarantees

You have to ask --- IS a FRANCHISE FOR YOU?

There are NO guarantees. You invest your money and take your chances. My own experiences include franchises for personnel agencies, temporary help services, diet centers, restaurants and PC training schools.

Some of these franchises proved very important in our business plan and growth into a multi-million dollar enterprise. However, there were some expensive lessons that we learned through the process.

As with any business, you must determine whether or not to enter a particular venture. First, assess YOUR reasons for going into ANY business, not just a franchise opportunity. Your best decision may be to buy a franchise. On the other hand, you may not be ready for any business venture.

YOUR DECISION

YOU must become a SUPER "snoop" or investigator. Ask the tough questions. You cannot expect exactly the same results as another owner of a franchise. If you are buying "brick and mortar" then it's location, location, and location.

Also, it's not only the location. Employees can make or break a company. Your investment in the company or your ability to fund the enterprise are factors. Your own leadership ability is a key element. "Links" are important, too.

It is imperative that you ask a lot of "what if" questions. What if? I stay with my present employer? What if? I go broke? What if? I don't LIKE the business? What if? my spouse does not like my "new" hours of work? What if? I don't like selling?

Why do YOU want your own business? Is it just a dream? Were your parents owners of their own enterprise? Franchise? Joint ownership, partnership? Again, YOU are your own person and must make your own decision. Family history of owning a business is NOT necessarily a guarantee of your success.

TIRED OF THE BOSS

Are you tired of your Supervisor or the Boss telling you what to do? Yes? That's not a good reason to "jump" ship. Operating a business requires more than a need for change or the desire to do as you please.

Business owners DO NOT get to do as they please UNLESS they "please" to spend most of their time worrying" or thinking about their business. Dealing with employees, payroll, benefits, vacations, sickness, children, spouses, vendors, customers, inventory, taxes, lawyers, accountants, auditors, IRS, EEOC, insurance, and more.

TOTAL COMMITMENT

Purchasing a franchise requires TOTAL commitment. Your energy, your money as well as other assets (collateral) are required to back up your new venture. IF you are NOT prepared to invest these qualities and resources into your franchise, then STOP here.

EVALUATING YOUR SKILLS Your experiences and potential success

As a first and often overlooked step, ask yourself why you want to purchase a franchise. This question, although basic, is an excellent way of evaluating your reasons for going into business. List every reason you identify, no matter how far-fetched it may seem.

Divide your list into two separate components. Separate the viable reasons from the trivial ones and categorize them accordingly. It isn't unusual for reasons to range from the desire to be your own boss to the desire to be a billionaire.

Consider the following questions:

Are you a leader? Do you like to make your own decisions? Do others turn to you for help in making decisions? Are you willing to accept managerial assistance from the franchisor? Are you willing to comply with the provisions outlined in the franchise contract? Do you enjoy competition?Do you have will-power and self-discipline? Do you plan ahead? Do you like people?Do you get along well with others?

Important questions need answers covering your physical, emotional and financial status. All part of being the successful business owner.

Are you aware and understand the "picture" of:

12 to 18 hour work days six days, seven days a week Saturday and Sunday schedules Physical stamina required Family strains and commitment Reduced income possibilities Risk of loss, your family savings Risk of failure and starting over

Answering "yes" to all of the above means that you have some of the skills needed to operate a successful franchise and/or private business. A "no" answer means that you may have to acquire additional skills and/or talent through others or training.

Have you had any business training in school? Are you willing to delay your plans UNTIL you acquire the skills?


FAMILY INVOLVEMENT

When you complete your self-analysis, discuss your results with your family and your financial advisor. Their feedback can help you make the right decision. If you all agree that you have most of the skills needed to operate a successful franchise, then you should feel comfortable proceeding with your plans.

If, however, they feel you lack most of these skills, then you may need to consider delaying your plans until you are better prepared. Above all, be honest and objective with yourself. It is YOUR future that we are dealing with in this analysis.

MY FIRST FRANCHISE

At the time, I was 30 years old and had already co-owned two businesses in my early years before 25 and had spent the last 4-1/2 years with an envelope manufacturer as an executive on the management team.

To make a long story short, I spent almost 2 years in this franchise before realizing we had too many chiefs (investors) and few indians (workers).

Very quickly, here's the point. The headquarters (franchisor) had a great track record in the "home" city and was making a lot of money. This is important. Why? Was there a "link" to the source of business? YES!

Our problem? We did not own or have the "link" that would turn the business into the same success story as the home office, the franchisor.

You have to look deep to find the details. A number of factors can be the "link" which makes your business successful. Let's name a few? it could be YOU, or a member of your staff, the location, unlimited financing, a large investor, new equipment and many more possibilities.

Be sure you KNOW the success "links". Sometimes they are hard to find but it is essential that you "discover" them BEFORE investing your money.

Action Tip: A franchised business has NO guarantee. You need a valid reason to begin a new business. Know that it takes full-time commitment from you and your family. You should know 'thy-self'. Leadership skills are required. Risk of failure is real and increase in skills level is important. Imperative to KNOW the success "link" in the home franchise.

Don Monteith spent 32 years in the Staffing business. His firm placed thousands of job candidates in their dream job. Today, he shares his expertise. Learn more by visiting his website at:http://www.HowtoGetYourDreamJob.com


More Resources

Three Steps to Writing Your Own Resume
While most professionals hire a professional resume writer, some draft their own resume. People who write a lot for business usually have more success in putting together a sharp, focused presentation; still, anyone can learn the basic steps to prepare his or her own resume.
Workplace Melodrama--A Flair For The Dramatic
A flair for the dramatic is a theatrical term used to describe an actress or actor who has a talent for melodrama, characterized by intensely enacted interpersonal conflict and exaggerated emotions. The central figure in a melodrama is the hero, who spins his tale or portrays the justice of his cause in a positive light.
Workplace Violence - 8 Tips For Spotting Early Warning Signs
One of the greatest threats facing both employees and the companies they work for, is workplace violence. It has become the leading cause of death for women and the second leading for men, following closely behind motor vehicle accidents.
Mid-Life Crisis: Its Not Just for Men Anymore!
A recent story in Career Journal begins:"The "midlife crisis" has long been thought of as something that afflicts men and often involves expensive toys and second wives. But the Wall Street Journal's Work & Family columnist, Sue Shellenbarger, says that as gender roles change, women are increasingly experiencing their own version of these upheavals.
Are You Ready To Start A Business? Take This Quiz and See
Don't get discouraged! A "no" answer to any of the questions will identify an area for development -- not a roadblock. I am available to help if you would like to discuss your options in greater detail.
Troubleshooting Your Job Search
OK. You've posted your resume online.
Planning Your Successful Career: 15 Ideas
"Doing a good job is one of the most important ways to move up the ladder", says Dr. Don Bagin, Professor of Communications at Glassbro State College.
3 Reasons To Hire From Outside Your Industry
While at times it may prove comfortable and convenient to hire from within your current industry, often the best candidate for the job comes from outside your "comfort zone". How can that be? As a recruiter focused on a highly regulated and competitive industry experiencing significant growth nationwide, here are 3 reasons to hire from outside your industry:1.
References: Choose Wisely
Sophisticated job seekers know and understand that sometime during the interview and hiring process you will be asked to supply references. With this in mind, here are five concepts to focus on in developing your reference list.
Make a Great First Impression
Searching for employment is one of the most nerve-racking activities to engage in. As if the direct need for income is not stressful enough, the process of writing a résumé, networking in your industry, and applying for jobs can leave anyone shaking in their tracks.
The Hidden Job Market: Real or Imagined?
The hidden job market has been touted as the place to go if you want to find the best jobs. It's been said that this sector of the job market accounts for seventy-five percent of all the job openings out there.
Searching for a Federal Job
Many years ago searching for a federal job was a long, complicated and drawn out process. Today, it has been become far less complex and is now just a three-step process.
Salary Negotiation Secrets Revealed
Before you go into the interview, it is important to know what salary you want, what you need to live on, and what you will be prepared to accept. Spend some time working out your budget.
Take This Job and...Re-staff It
Deciding to leave a job isn't easy. In fact, quitting a job requires courage, especially in today's soft economy when the unemployment rate has reached 6.
How To Tap Into the Invisible Job Market
Is there a company in your area that you'd love to work for? Do you assume that, because you don't see them advertising in the classifieds or posting jobs on their website, they have no openings? That may or may not be the case. That truth is, only about one-fifth of job openings are actually advertised!Here's how to tap into the huge "invisible" job market.
7 Tips to Deal With a Bad Performance Review
Q. "I wasn't happy with my last performance review.
Tips For Successful Job Hunting: How To Get A Job Without A Resume
I am in my mid-thirties, and, as you can imagine, I have changed and looked for jobs many times in my life. No matter how successful was in my job hunting research, I realized that there are certain ground "rules" that need to be respected; otherwise, we will not get what we want from our careers.
Dynamic Pre-Hiring Practices
The pre-hiring process can be a challenge. Much time and energy can be invested and in the end, wasted, if your approach is not focused, deliberate, and specific.
Technology in the Workplace - Boon or Curse?
Like all new innovations, technology in the work environment can either work for you or against you. What is good for the employer or is not always the same for the employee.
Job Hunting Tips: Staying Active
Unemployment is depressing: financial pressures stress you out, looking for work is humiliating, and your fragile self-confidence reels under the blows of indifference and rejection.It becomes harder to get up in the morning, to take care of yourself, to be supportive and loving to those around you, to swing energetically into job search activities.

More Careers & Employment Information:

Related Articles

Offer Letter Limbo
Recently we concluded the placement of a Senior Sales Representative for a publicly traded company. The role was ripe with potential as the company products were being widely embraced by current and new customers.
Cover Letter Magic: 4 Ways To ASK For The Job Interview - And Get It!
Just how important it is to ASK for the job interview clearly and directly in your cover letter?IT'S EVERYTHING!So the question remains: how effectively are you ASKING? The following four ways will help you nail down many more job interviews. Try them all and see which ones work best for you.
Traveling for An Interview? 10 Tips to Get You From Here to There
You've just been granted an on-site interview in another town. Hurray!This means you'll be traveling to an employer's location so that they can further evaluate you for a specific job position.
The Interview - A Few Tips for Making a Great First Impression
Searching for employment is one of the most nerve-racking activities to engage in. As if the direct need for income is not stressful enough, the process of writing a résumé, networking in your industry, and applying for jobs can leave anyone shaking in their tracks.
Surviving The Technical Interview
Ah, the technical interview. Nothing like it.
What is a Career Anyway?
A career is the sum total of all of your work-related contributions to society in a lifetime. This includes time and effort spent to provide goods, services, or benefit to others.
Internships: Bonkers or Brilliant?
I have something to say that's driving me batty. It's regarding graduates who fuss about not getting a job they like or not getting a job at all for that matter.
Analysing Adverts for the Creative Response
The fundamental rule is: if you are going to apply for advertised jobs then only apply for the right ones. Don't waste time by applying for the ones you've no chance of getting; not only is your time lost but your morale will suffer if you keep getting rejections.
How to Evaluate Job Offers and Zoom In On the Right Opportunity for You
You've been successful in your job hunt and have received a job offer. Maybe you received more than one offer.
Your Resume is Just One of the Tools in Your Job Search
A resume is a tool. It allows employers to see what skills you have and what benefits you bring to the table.
7 Tips for Writing Winning Resume Cover Letters
Writing a good resume cover letter is something you should seriously consider when preparing to send off your resume to potential employers.Here are seven important cover letter writing tips:Address the individual by name.
The Top Ten Strategies of A Great Interview
You've just received a call to interview with your dream company. Do you know how to prepare for the interview so that you'll feel confident, have a good experience and set yourself apart from others? Try following the steps below and you'll not only be well prepared, you'll present yourself as a true professional.
Seven Tips to a Job-Winning Interview
These days, interviews don't come easily. When you get The Call, make the most of your time -- and go for it!1.
How To Answer Your Call In Mid-Life
Hank Bochenski's story proves it is never too late to walk away from a life you feel trapped in and do something that you really love.Hank spent 30 years in demanding senior positions at large high-tech companies.
Become an LPN, the Fast Path to a Nursing Career
Licensed Practical Nurse (LPN) CareersLicensed Practical Nurses provide the most amount of direct patient care within the nursing category of healthcare. If you're interested in a healthcare career dealing directly with patients, becoming an LPN is a rewarding opportunity.
How To Become a Mortgage Broker
The mortgage industry accounted for $1,815,949,279,000 in loan transactions in 2004. That's one trillion, eight hundred and fifteen billion, nine hundred and forty-nine million, two hundred and seventy nine thousand dollars.
Always Have a Current Resume
What is the biggest mistake people make with resumes?People write their resumes as a chronological summary of everything they've done in their professional lives. Employers only care about one thing: what you can do for them.
Cleaning Houses for a Living Has Some Unexpected Benefits
If you're looking for a way to earn a living or just to make some extra money on the side, cleaning houses for a living is probably not the first thing that comes to mind.Cleaning houses? Doesn't that sound like a lot of unpleasant, grungy work?Yes, it does sound pretty unpleasant, and that is exactly why there is very good profit in it.
Are You Suited for Self-employment?
A recent poll conducted by Yahoo! Small Businessshowed that nearly 3 out of 4 Americans have consideredstarting their own business. In fact, of more than 2,200 adults surveyed, over half (51 percent) said they wouldlike to launch their small business within the next 5 years.
Successful Job Seeking - The Importance of Your Cover Letter
As an employer I receive many job applications each week. Some cover letters are so well written that I am compelled to review the attached resume even if our company is not currently hiring.