It’s not going to be an option.
Once you sign a franchise agreement, you’re committed.
You’re going to have to follow the rules.
Are You A Rule-Follower?
Either you’re okay with following the rules, or you’re not. It’s pretty basic. But, only you know the answer-I can’t answer that question for you. You need to look inside yourself. It’s really an inside job.
Start off by looking at the past jobs-the past positions you’ve had.
Do you have a history of pretty much doing what you’ve been told in a job setting? Or, have you had a history of questioning authority? Don’t start investigating franchises until you’ve answered those questions. (Honestly)
Don’t make the mistake of investing $150,000+ into a franchise business opportunity knowing full well that you “don’t really like rules all that much.” You’ll only be contributing to franchise industry failure rates. (Your own included!)
The way to increase your chances of success as the owner of a franchise is to make sure that you’re the right type of person for a franchise to begin with.
The bottom line: If you’re comfortable with following someone else’s rules, and want to be in business for yourself, you may want to check out franchise ownership. On the other hand, if you don’t have a real good track record of toeing the line, owning a franchise business may not be for you.
(That last sentence was way too gentle. If your track record on rule-following is weak at best, don’t buy a franchise. Don’t even start looking for one to buy.)
The Franchise System
Investing in a franchise is really investing in someone else’s system. That somebody, the franchisor, has spent a lot of time, effort and money in its development. There’s no magic button that instantly turns a successful independent business into a franchise business.
New Zealand franchise expert, Dr. Callum Floyd on franchising a business:
“Creating a franchise system of quality is a complex, time consuming and expensive task. Franchisors need to excel in not just one market, but two. First is the market for franchises; second is the market for end-users of the products and services. Therefore, the franchisor must develop a business concept that is attractive to customers and profitable enough to generate sufficient returns to franchisors and franchisees over the long-term.”
Dr. Floyd brings up two things that are really important for you to remember.
- Today’s franchisors-if they’re going to have any chance of success, have to make sure that their products and/or services will have solid footing in the market for consumers or businesses.
- Franchisors must be able to show you-the potential franchisee, that they do in-fact have a great product or service to sell to the market-and that it is in fact a great “opportunity” for you to invest in…to own.
Contact franchisors who you believe offer great opportunities. Then contact the franchisees in those systems and ask them if their products and/or services are as good as the franchisors say. Ask franchisees if the franchise system that they’re part of is a solid one.
If you have a strong desire to be the boss, franchise business ownership allows you to do just that.
Just follow the rules.