Individuals considering a franchise need to do a franchise profile before getting too far in the process. Identifying your franchise profile means considering both positive and negative attributes. Quite often, a franchise candidate will be so impressed with a specific franchise opportunity, that the candidate plows ahead before considering how well their franchise profile matches a specific franchise opportunity.
Investing in a franchise is a significant undertaking for most individuals, which requires a look in the mirror before getting deeply involved in the franchise process. Be prepared to consider strengths and weaknesses. That process will provide answers to the qualifications for a particular type of franchise. If necessary, get feedback from a family member or trusted friend. What one is seeking is an objective and candid franchise profile.
The Questions to Ask:
- Are you a people person? Can you initiate a conversation with total strangers or are you somewhat reluctant? For example, some B2B franchises require cold calling prospects.
- Can you work long hours during your franchise launch or do you have personal or other restrictions?
- What business skills do you have and how will they benefit you in operating a new franchise business? Does the franchise operation require specific skills?
- Have the proper amount of capital to start up and fund a new franchise? If you need to scrape the investment capital together, how will you deal with unintended consequences like a slow startup?
- Are you experienced in managing others or have you been working on an individual basis? Have you ever had to fire an employee?
- What kind of business can you dive into and be passionate about about working?
After answering these questions, a franchise candidate will be in a position to identify their franchise profile. Before choosing and investing in a franchise, the candidate will know what they like to do, how qualified they are and whether they have the money to commit.