Starting a Franchise Business:
Self-Assessment of Fitness for the Journey

Is starting a franchise business a good fit for your strengths and temperament?  Do you know which leadership styles you possess?

It is through through leadership styles that people are able to drive team accomplishments that endure

Which paths are most likely to lead you to success? Which career or business path do you want to take?

Giving a little consideration to "knowing thyself" will help you to most quickly choose your next future path.

Gain insights to help you decide your next best step. Take this
free personality quiz to help you better understand if starting a franchise business would be consistent with your leadership style.

1. Entrepreneurship

This has two main paths.

Starting Your Own Business

In this case, you have total freedom to mold your business exactly as you see fit. If the business succeeds, it is totally due to your "personal genius."  Gaining customers is a greater challenge, at least initially, because you wouldn't have an established brand associated with your business. Getting financing would also likely be more difficult, because the banks will be more skeptical about funding a startup with no track record. You will have to define your own processes. There is also a loneliness associated with having no coworker or peer franchisee to share concerns with. The flip side, of course, is you will have total freedom to create whatever you wish. 

Related to this path is buying an independent business.  Like buying a franchise, this would require you do research to be sure you are buying the best business opportunity for your needs and interests.  There is less information available, so your risk is higher.  On the other hand your fixed costs are lower because you will owe no franchise fees.

The paragraph above brings you full circle back to asking the question: what constitutes risk for you?   Identifying the best business opportunity is as much about what is a match for your personality as it is about the history of the business itself.

Buying and Starting a Franchise Business

You could choose to pursue starting a franchise business. In this case, you will have the advantages of learning from the franchise what has worked over time. Yoo get instant recognition for the brand name.  That translates into more sales, and they come more quickly. You get economies of scale. This comes to you because you can buy advertising more cheaply as a member of group. You also will benefit from the franchise's group buying power.

So, there are many benefits to being part of a franchise. At the same time, you will need to follow the processes established by the franchise. You won't be able to claim 100% credit if your business succeeds. After all, you bought the rights to use somebody else's tested business concept.

2. Career Re-Evaluation ("Why aren't I Rising faster?")

Do any of the following describe your situation?

• You make major contributions to your employer's bottom line. However, you are not being offered promotions and are not getting the rewards you expect, given the scale of your contributions.
• You have the ability to make major contributions, but you are not being promoted, and aren't being given the chance to demonstrate what you can do.
• You simply feel "stuck". Your career is in a rut and don't know what to do.

Perhaps it would help to review the questions below (and other questions), to take stock of your career situation to determine how to start rising in the organization.

• Would coaching move your career onto a corporate track that is more desirable?
• Would you be better off starting on your own entrepreneurial path?
• Is the issue that you did not get the career development coaching you need?
• Are you simply not happy with the constraints of a corporate work style?

3. Finding a New Job

You recently were impacted by job reductions, or have a sense your position at work is tenuous. You need to decide what to do next. You thought initially the solution was to start your own small business or new franchise. Reviewing your leadership strengths and nature, you have decided you would do best by looking for a new job.

BestFranchise.org helps by providing resources you can use to explore and validate whatever paths you decide to take. Starting a franchise business, starting a business on your own, or restarting or turbo charging your employment path are all valid paths.  It all comes down to doing a thorough self assessment.  Going with your strengths and paying attention to your passions is always the best business opportunity to pursue.

Finding A Franchise Isn't Easy

There are over 2,500 franchises for sale to consider.

We have completed surveys to screen thousands of franchises over almost 10 years.  We choose to work with only a small percentage of these franchises helping you to quickly focus on the "best in class" franchises that match your unique profile. 

Reduce your risk while speeding up your search.

Why not use our free expert help?

Why take extra risks selecting a franchise?

Request a free consultation today.

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