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Do A Franchise Profile Before Choosing a Franchise

Published on February 18, 2019

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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:

  1. 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.
  2. Can you work long hours during your franchise launch or do you have personal or other restrictions?
  3. 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?
  4. 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?
  5. Are you experienced in managing others or have you been working on an individual basis? Have you ever had to fire an employee?
  6. 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.

About the Author: Ed Teixeira
Ed Teixeira is a recognized franchise expert with over 40 years’ experience in the franchise industry. He has served as a corporate executive for franchise firms in the retail, manufacturing, healthcare and technology industries and was a franchisee of a multi-million-dollar home healthcare franchise. Ed and Richard Chan are the authors of a new textbook, Franchising Strategies: The Entrepreneurs Guide to Success, to be published on July 1st by Routledge on July 1st. He has participated in the CEO Magazine Roundtable Meetings with business leaders from around the country and has spoken at a number of venues including the International Franchise Expo and Chinese Franchise Association in Shanghai, China. Over the course of his career, Ed has been involved with over 1,000 franchise locations and launched franchise concepts from existing business models. Ed can be contacted at [email protected].

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