Owning and operating a franchise can be a great way to fast-track business success. But it may not suit everyone.
To help you decide whether you have what it takes to run a franchise, we’ve compiled this list of points to consider.
You know the difference between franchisee and entrepreneur
For many people, owning a business is a lifelong dream. There are many ways to achieve this, including becoming a franchisee or entrepreneur.
Entrepreneurs are sole agents. You create your own business or service and work from the ground up to implement a business plan and system that works for you. Whereas franchisees operate beneath a parent company or franchisor. The business model has already been developed based on the parent company’s success and you are provided with extensive training and support.
Knowing how franchises differ is vital in deciding if you have what it takes to run one.
You’re motivated to succeed
Franchisees need to be motivated to succeed. You understand that no one is going to tell you when you need to work or what you need to complete each day. Franchisees need to be self-motivated and someone who works well without supervision.
You work well within a structured system
You also need to be comfortable working within a structured system. The main point of difference for franchisees is that they are provided with end-to-end business systems designed to achieve business success. There can be little wriggle room and you have to be willing to accept this.
You have financial stability
Like all business ventures, franchisees need to be financially secure in order to succeed. Franchise agreements come with an upfront fee, as well as the day to day running costs of the business. If you have financial stability, time to dedicate to the business, and a willingness to thrive – you could be the perfect fit for the franchisee life.
You’re mature minded
While you don’t need to be a certain age to run a franchise, it’s important to have a mature mindset. A franchise is the same as any business – it’s important, required dedication and hard work to get it off the ground. Don’t be fooled into thinking that a franchise is a way to succeed without doing the work. While you are supported at every turn, you will be the ‘boss’ guiding your journey to success.
You have a clear vision
Along with a mature mind is a clear vision for what you want to achieve. You will know what your end game looks like and use this to propel your franchise forward. While this will differ for each franchisee, a common example is work / life balance. You will have a clear vision of what this looks like to you and take each step in developing your franchise with this in mind.
If you have what it takes to run a franchise, we’re excited to tell you more about how you can turn your hobby of sorting into a rewarding career.
Simply, visit: homesorted.com.au/franchise-opportunity-2/ and submit an enquiry for more information. Your new career awaits!