Do your hopes seem held back by the industry you’ve pinned your dreams to? The inner workings of Corporate America can sap energy and enthusiasm for achieving personal goals. Are you no closer to accomplishing your long-term goals than you were when you first entered the corporate world? Perhaps expanding your horizons to new delectable opportunities can refocus your jaded sightlines on success. Perhaps buying a franchise is the answer.
What should be next on your agenda? For some harried execs, purchasing a franchise is the secret ingredient towards creating a positive future. Add in some expertise and qualified guidance through a trusted franchise advisor and your franchise investment will become a recipe made for success. It’s beyond time to indulge!
Taste Test Your Know-How
That famous adage, “knowledge is power,” still applies across any industry. What you know about yourself, about buying a franchise, and about those in the franchising industry can shift the balance of success in your favor. Once you’ve consulted with your franchise advisor and discussed your interest in buying a franchise, conduct a thorough evaluation of where you are and where you need to be. What questions should you know the answers to? These questions can help you and your advisor determine if franchise ownership will be a delicious endeavor for you or just sour grapes:
1. What are the expenses involved in opening a franchise? How much can you afford to invest?
As a franchisee, purchase costs, inventory, and capital all need to be tallied so you can deduce what you can afford. This also helps determine the likelihood of you buying a franchise. Once your franchise is open for business, keeping the coffers as full as possible will give you a fail-safe plan to fall back on. Your investment should be profitable. You shouldn’t have to suffer through barely scraping by when opening a franchise.
2. What drives your success? Which skills have helped you tackle the challenges you’ve faced in Corporate America? What accomplishments can you easily transfer to your franchise business?
You don’t have to be an expert on a product or service to consider buying a franchise, but you must find the right franchise fit. If you can incorporate your skills into supporting a solid business model that will deliver delectable profit margins, you are already one step closer to a comfortable future. If you are passionate about something, you are more likely to be successful. Be honest with yourself about your personality and motivation. This will be beneficial, not detrimental, throughout the process with your advisor.
3. How many hours will you devote to becoming a franchisee? What time do you have slotted to fulfill your role as a franchise owner?
For many franchisees, the time you devote to your new venture equates to the amount of profit you’ll accumulate. Starting a business with all the support you’ll get from the franchisor still requires you to devote time to success. Make sure you are transparent about how many hours you have available to put into running a franchise.
4. What type of franchisor do you want to partner with? Are you interested in working with more of an emerging franchise company or one that is more mature?
Some creative franchisees who enjoy the challenge and intrigue involved in entering a new franchisor company embrace the environment that allows them to share their skills and ideas. Some cook up strategies with newer franchisors to spread their business. Other franchisees prefer to join with a more proven, stable, time-tested franchise system to ensure their investment reaps rewards. Whichever interests you, your franchise advisor can help you discover your best fit.
Shop for 4-Star Quality Ingredients When Buying a Franchise
Once you and your franchise advisor have decided that buying a franchise is a great option for you to explore, next comes franchisor follow-up questions:
1. Does the franchisor you hope to work with have a quality support team in place to respond to your questions and concerns?
Part of the benefit that follows when becoming a franchisee is the support you receive from your franchisor. Is the franchisor quick to respond? Do they give a clear picture of how they will be there to help you in the process? Is their staff on hand to provide strategies, design tips, and contacts to make your business successful? If the answer is yes, you may be looking at your future franchise partnership.
2. What do other franchisees in the company say about the franchisor’s response when there is a need?
If you are serious about buying a franchise, make sure to get first-hand accounts from other franchisees in the company in which you are interested. Determine how they feel about who they work with and what kind of positive and negative experiences they have had with their franchisor. It’s okay to ask questions; it’s not okay to go into the franchise industry with false hope and empty promises.
3. Where do you see yourself after your franchising tenure is done?
There is a world of rewards and relaxing retreats waiting for you after you’ve decided your work as a franchisee is done (or at least there should be)! Do you plan to sell the franchise once you’ve completed your tenure or before? How many years do you want to spend as an owner? Are you planning to pass the business down to your children? Knowing what you hope to achieve by buying a franchise can help you make the best franchisor pick for your needs. If you have short-term or long-term plans let your advisor know so they can match you with the right franchisor.
Executive Chef Success Status
After years of being invested in an industry that may have little left for you to accomplish, the idea of buying a franchise can bring an indescribable sense of relief and excitement. Careyann Golliver, America’s Franchise Matchmaker™, is a premier franchise advisor in the industry, who understand that changing careers (especially later in life) can be a delicate and frightening process. She serves your needs best because she knows what is needed to succeed, plus who and what to avoid.
If you are seeking a qualified professional who will do the extra prep work so you can taste the delights the industry has to offer first-hand, Careyann Golliver of Franchise Logic will dish out no false platitudes, but rather, honest and trustworthy advice!