If you find yourself itching to own your own I business, franchising is a fantastic option that many budding entrepreneurs may not think to consider. Franchising has made a great impact on my life and I’ve seen it create amazing opportunities for many hard working Canadians.
If you’re new to the concept of investing in a franchise, here is what I can tell you. Investing into a franchise mediates many of the risks that come with creating a business from scratch. By investing in a proven model, you’ll be able to focus your efforts on building and growing your business instead of establishing it. When you invest in a franchise, you’re investing in resources created especially for you to succeed. Marketing resources, support structures, and processes are all created to help you grow your business. When it comes to franchising, when you do well everyone does well! You have the opportunity to invest in a business that already wants to help you succeed!
Now you may be wondering, do I have what it takes to become a successful franchise partner? A lot of it comes down to personality traits, much like having what it takes to start your own business. If you’re interested in purchasing a franchise, ask yourself some of these questions.
- Are you coachable?
- Do you have grit?
- Are you patient?
- Are you realistic?
- Are you growth-oriented?
And one of the most important things to consider is, do you like systems? Ultimately, being able to become a successful franchise partner is the ability and motivation to follow systems.
If you answered yes to most of these questions, you just may have what it takes to become a successful franchise partner!
By this point, you’ve asked yourself some hard questions and you’re ready to take the next steps. Now what? Here are three initial steps you can take to finding the perfect franchise opportunity for you!
- Know your money – Before you start to look around at different businesses, the first step is to make sure you know what you can afford. This is a crucial first step so that you understand what opportunities are within your reach. Before looking into any opportunities, make sure you’re financially qualified and that you understand the financial process. It is a good idea to continue to communicate with your bank and your accounting professionals to fully understand any opportunity and venture you are seriously considering.
- Research your opportunities – Now that you understand your financial situation, it’s time to look into different businesses and opportunities. This is a time to really look into as many opportunities as you can to make the best decision. Really look into each business and ask yourself why this one? Do your values align with the company? Do you like the product or service? Do you have a passion or interest in the industry as a whole?
- Understand the systems – As I mentioned before, successful franchise partners follow systems and they follow them extremely well. Before you invest in a business, make sure it is a system you really love. Ask many questions. What are the expectations according to the franchisor?
Talk to other franchise partners. What does their day-to-day look like? This is one of the biggest investments you will make, doing your homework is critical to making the right one.
At the end of the day, franchising is all about communication and comprehension. It’s just as important for you to find a business opportunity that fits your personality, goals, and work ethic as it is for franchisors to find the right people to help grow their business.
I hope this helps you to make informed and confident decisions about your decision to get involved in franchising and wish you the best of luck!
About The Author
Steve Collette is the Co-Founder/ CEO of 3rd Degree Training and East Brands companies founded in Prince Edward Island. Steve started 3rd Degree Training with his wife, Pam. When they started, Steve wore as many hats as he needed, CoFounder, personal trainer, class instructor, even janitor. After 5 years of growing their Stratford location, 3rd Degree Training started their franchising journey where Steve spearheaded the company’s franchise development. Today, Steve is President and Chief Visionary Officer with an amazing team providing franchise support and development.