subject: 5 Franchise Questions to Check if You're Ready to Open a Business [print this page] 5 Franchise Questions to Check if You're Ready to Open a Business
Starting a business or taking advantage of franchise opportunities is not always an easy task. Even a franchise - with infrastructure already in place - takes a great deal of planning. While the blueprint and the success is there from a corporate standpoint you still have to lay the groundwork and perform the same market research, open procedures, financial planning and more. Before diving in here are 5 questions to ask yourself to ensure that you're ready.
Do You Think You Have What it Takes?
This has nothing to do with your actual personal characteristics, it's more about the hard truths that exist when it comes to business operation. It asks whether or not you have the energy, the skills, the drives and especially the knowledge necessary to open and operate a business. Careful research and management of resources along with self-efficacy are all key in getting a franchise off the ground and keeping the doors open.
Can You Let Other People Down?
It's a fact of life that when you start a business or opt for franchise opportunities you don't remain an island for long. You will grow and others will come on board from investors to employees. You'll also be supporting the families of those who work with you. It can be an easy decision to risk your own income and money reserves but as a business owner you're risking others' as well. People will follow you out of trust and sometimes you have to break hard news and cut people loose.
How Do You Deal with Hurdles & Barriers?
It's said that you never really know your true character until the pressure is on, and that can be a harsh reality for someone who opens a business for the first time. When you're smiling, you've got everyone convinced but when the pressure comes down because of hurdles and other adversity some business owners find themselves in a funk or dark, depressive moods. It doesn't take long for this to infect everyone around and destroy morale.
Do You Have an Exit Strategy?
You can't expect to run your business forever, mainly because no one lives forever. Likewise, you can't continue to operate your business every day without a day off. You need to ensure that you have an exit strategy in place that not only lets you drop the business at some point to reclaim your life but you also need an exit strategy that lets you shut down and take a break - even for just a few days. Sometimes a business can outgrow the owner - take the time to develop your exit strategy even if it involves selling off the franchise in a few years.
Do You See Yourself As An Entrepreneur?
How do you see yourself? If you look in the mirror and think that Donald trump is looking back at you then you need to consider if this is really the best move. Just because you look, talk and sound like an entrepreneur doesn't mean you're good material for it. Creativity, persistence and risk tolerance are only a small part of getting a business open. Success is often attributed to broader factors that mix drive and potential to create a true franchise owner.
