Are You The Man For The Job?
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When it comes to running your own successful franchise you need to not only assess the franchise opportunity and the franchisor, but you need to assess yourself. Normally if you were to apply for a job your employer would want to know a whole heap of stuff about you. They will...
Content:
When it comes to running your own successful franchise you need to not only assess the franchise opportunity and the franchisor, but you need to assess yourself.
Normally if you were to apply for a job your employer would want to know a whole heap of stuff about you. They will want to see a CV and they will want to interview you ( probably on several occasions). But (and this is a big but) it is very much in the employers interest that they get the right person. If they get it wrong, they could have problems with you doing the job, extra training and perhaps even having to replace you and that all costs money and can damage client relationships. However, you still get your wages to the point they decide to sack you - if things are going really wrong.
So in a typical employee/employer situation the evaluation of your skills and abilities sits with the employer. If they get it wrong, then in the short to medium term they end up counting the cost of this decision and you will probably not suffer too many long lasting effects.
But for a prospective franchisee, you are PAYING money upfront to take this "job". If you are not cut out for the role and the business fails because of that, the person that primarily loses out is you!! The franchisor has your money; admittedly if you continue in business they will also take a percentage and franchise fees from you. But, if you fail they replace you and take someone else's money upfront and perhaps they will work out. You cannot rely on the franchisor to be as careful as an employer would be.
So how can you check you are the right person for this franchising job? You need to ask the right questions of yourself and match your skills and potential with the requirements of running a particular franchise. Our guides tell you how to make this assessment and help make sure you take the "job" that is right for you.
Author: Stephen Howlett
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Written by The Franchise Expert - a team of experienced franchisees based in UK. Visit us now for more great franchise advice.Random related phrase:
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