I hate my job, I hate my hours, and I’m ready to be my own boss. Seem pretty close to your thought process on a daily basis? If so, it is definitely time for change, have you thought about franchising. Being in business for yourself is one of the biggest freedoms we can reward ourselves, and can completely rejuvenate our outlook on the professional world.
Franchising is a trillion dollar industry, with 1 out of every 12 businesses in the U.S. being a franchise. While the statistics show that a franchised business has a better chance of thriving over a long period of time than an independently run business operation, there are still risks involved and questions you need to ask yourself before getting started.
Let’s take a look at 4 questions that will get you headed in the right direction:
Is franchising right for me?
The franchise industry isn’t for everyone. Yes, you are your own boss, but it is a much different infrastructure than that of an independently owned business. With a franchise system, you are buying-in to a concept and business model that already exists. You are taking a product that someone else has mastered, and investing in a piece of the pie. It is important that you remember that franchising is meant for those who believe and buy-in to the preexisting business model, without trying to reinvent the wheel.