6 Signs That Franchising Is Right for You
These telltale indicators can determine if you're a fit.
If you want to become your own boss, it's widely accepted that there are three distinct pathways to get there. You can start everything on your own from scratch, buy an existing business, or purchase a franchise. Depending on your personality, lifestyle, and income goals, each has its own advantages and disadvantages. If you are considering going the franchising route, there are some telltale indicators that you'll be a suitable match.
The following are six signs that franchising is right for you:
1. You prefer structure and order to things
If you're a rebel looking for a cause and like to march to the beat of your own drummer, franchising may not be a match for your business ownership dreams. But if you prefer structured environments and a general orderliness to things, then you'll appreciate the proven business models that franchises provide their owners to follow. Because franchises are quite reliant on their roadmaps of success.
2. You think teamwork makes the dream work
Franchises rely on a network of franchisees to derive their combined strength as a brand. Franchise ownership is anything but a "Lone Wolf" sport and requires teamwork in an environment where collaboration is not only appreciated—but expected. If you want to be a part of something bigger than yourself, franchising checks that box off your list.
3. You're good at active listening
As a franchise owner, you'll be exposed to an unlimited supply of advice, feedback, and—at times—constructive criticism. Active listening is the art of hearing and responding to others with a goal of mutual understanding. It requires patience and practice to master this skill, but active listeners indeed make great franchisees. Operating a franchised business requires a continual feedback loop from the franchisor, other franchisees in the system, and—of course—your customer base. Active listening and processing a steady stream of input from various sources will be expected of every franchise owner.
4. You're not the quitting type
While franchises come with the best of instruction manuals and a lot of training and support from the brand, successful ownership isn't automatic. Running a business of your own is still going to take a lot of your time, effort, and resources. Much like anything else worthwhile in life, you will get out of it what you put into it. For many franchise owners—especially at startup—it means long hours, lots of paperwork, and possibly even a few sleepless nights. But if "quit" isn't part of your vocabulary, franchising could be the best option for your entrepreneurial journey.
Related: Considering franchise ownership? Get started now and take this quiz to find your personalized list of franchises that match your lifestyle, interests and budget.
5. You appreciate the simplicity of a good ham sandwich
Are you the type of person that orders the same meal at a restaurant, simply because you know you'll be satisfied with it? Well, franchising depends on that outlook. Because by its very nature, replication is the secret sauce of any franchise brand's success. It makes no difference from a customer's perspective whether it's a good or service you're providing. What keeps them coming back is the consistent experience they've come to appreciate, time and time again. Kind of like a good ham sandwich.
6. You have a strong support system
A big part of franchise business success is due in part to their robust support systems. The franchisor supports its franchisees, and, in turn, the franchisees support one other. Because at the end of the day, you're all playing for the same team here. But this support also extends to your personal situation. In order for you to be a successful franchise owner, you'll need a strong support system of your own. This includes your family, your friends, and your network of colleagues. Starting a business of your own can be a stressful experience and without the strong support of those around you, franchise ownership would be quite difficult. When you're ready to choose franchising to make your business ownership dreams come true, everyone you know should have a collective interest in seeing you succeed.
When it comes to the best franchise concepts by category, Entrepreneur has you covered. We have business opportunities to share from over a dozen industries. Everything from automotive, home services, and childcare to food, health and beauty, and everything in between. To see what's in our franchisor database, be sure to check out Entrepreneur's Best of the Best Rankings.
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