Given that franchising has proven itself as a successful business model and there are many examples of successful franchises, buying a franchise is no guarantee of success.
Here are five questions to ask yourself if franchising is right for you.
1. Have you thoroughly investigated your choice of franchise?
A franchise is a long term commitment, so take the time and put in the effort to investigate your franchise by researching your franchisor of choice to be certain that it all stacks up to your expectations.
2. Can you afford the investment?
Work out your REAL costs when investing in a franchise. Remember the franchise fee is only the start and don’t underestimate the amount of working capital you will need to run the business before in breaks even.
3. Are you willing to follow the franchise system?
Franchises are successful because of the systems that are in place and this is largely why you will want to invest in a franchise rather than go it alone. The minute that you think you know better than the systems, think why you invested in a franchise in the first place.
4. Will you focus on your business?
Many franchisors are adamant that they will only accept franchisees that are prepared to be directly involved in the business, sometimes called hands-on operators, to maximise the potential of the business.
5. Do you have the support of your family?
To have the support of your family is crucial as there may be a number of changes like no income for the first few months, different working hours etc. Knowing that you family supports you will make it a great deal easier.
Buying a franchise can be the most life changing decision that you will ever make. Ensure that it is the CORRECT life changing decision that you make.
Kevin Antonie
CEO
SA Franchise Brands
