To Go Into Franchising, Or Not To Go Into Franchising, That Is The Question

The idea of owning a business sounds glamorous to everyone, especially to millennials and Generation Z. Owning one’s own business isn’t a walk in the park, though. There’s a lot to figure out, and there’s not a manual to follow—unless, of course, one’s path to business ownership involves a franchise. Franchising allows entrepreneurs all of the benefits of business ownership with the backing of a pre-established, reputable company, with the caveat being that a certain level of control is relinquished. While franchising removes many of the pain points that come with starting a business from scratch, it is by no means easy.

Here are 5 questions prospective business owners should ask themselves to determine whether the franchise life is the life for them.

1. Do I have the entrepreneurial spirit necessary to succeed? 

Making sure you possess a strong desire to make things happen and control your own destiny is an essential part of understanding whether to go into business for yourself. Motivation can’t just come from boredom with your 9-to-5 job because buying a franchise is a huge investment and requires a lot of time and passion—which brings us to our next question.

2. What am I passionate about?

Before diving into the first franchise business that comes up in their newsfeed or Google search, prospective business owners need to make sure the industry they’re considering engages their passion and matches their skillset. There are thousands of options out there to consider; we’re not saying you should dig into all of them, but take the time to explore what concepts are available to determine you’re finding the best fit for your individual interests and needs.

3. Do I have the money?

Sure, the revenue opportunity franchising presents is incredibly appealing, but many fail to grasp that one has to put money in to get money out. One of the reasons franchising is an appealing option is that every business opportunity is required to present those considering it with an estimated initial investment range, but it’s essential prospective business owners truly understand the costs associated with opening a given business before committing to it. There’s a reason franchise brands set minimum net worth and operating capital requirements. Determining for yourself just how much you can realistically invest ensures you have the budget to pursue a given opportunity and in turn, presents the best chance at making an investment that will pay dividends.

4. Are there small business owners in my network I can consult and learn from? 

It’s never a bad idea to use the connections around you. Consult your network and ask for advice—you never know what you can learn from the experiences of other business owners. If possible, talk to someone who started a business from scratch and someone who took the franchising route to understand the pros and cons before going through it yourself to determine what suits you best. 

5. How much support will I need and receive?

Having a strong support system is the backbone of any business. Whether it be family, friends, or other prospects coming through employment channels, enlist in the people you trust. They will be there for you when you take your first steps in franchising and will stick around to watch you succeed. 

Owning a business is not a one-man show and it takes a lot of hard work, so before taking the franchising plunge, really stop and consider the questions above. They will either help you get started or make you realize you need a little more time—either option is okay. After all, you have all the time in the world to determine the career change option that’s best for you.