When searching for a business to own that you are sincerely interested in, look deeper than the product. While demand for the product or service is an important piece of the successful business formula, it is not what the business owner is going to live, eat and breathe every day…it’s the franchise model of the business.
How do I understand the franchise model before I buy a business?
Simply put—talk to people. Call all the franchisees you can. Ask them about their day. Get an understanding of what it is like to run the business and how it fits into their life. Ask yourself, how is it going to fit into my life? Understand your strengths and weaknesses as a business person, and what you love and hate to do. Does this business sound like it will complement the things you already know about yourself as a business person? Is the franchise model they are following a good fit for you, and the things you both enjoy and are good at?
How do I make sure I succeed as a franchise owner?
Choosing the right business to own from the start is enormous. Do your research, call all the franchisees, understand the investment. While researching your job is to dig in to all the information you can, and be sure. Make sure you have buy-in from people who will affect your success (husband, wife, partner, etc.). Choose the business you can commit time to building, be a passionate, engaged operator, follow the path laid out for you and make your dreams of ownership successful. Most of all, make sure the franchise model, or system to follow, is a good fit for how you believe a business should be operated.
By Kelly Mangum