Things to Consider Before Buying a Franchise

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Owning a Franchise is not a “one size fits all” type of scenario. Everyone has a unique set of skills and tools for running a business, as well as unique financial conditions and family life.  A franchise can be a great job replacement, or a diversification strategy, but no franchise is the right fit for all.

A growing percentage of franchise owners want to own a business with the goal of keeping their career focus while hiring a manager to operate their business on a daily basis. This means the owner has a semi-absentee role as overseer of execution of a proven strategy, which allows them to hire “industry experts” who have the specific training and experience. This freedom allows the owner (you) the ability to grow other business ventures. They utilized the franchise model to open a business with guard rails and a play book, in order to achieve their Goals and Dreams, while keeping the integrity of outside income.

The growth and demonstrated success of these Investor/Executive franchise business models exists alongside the equally proven model of the Owner-Operator franchises.  Some owners are a great fit for the Technician role, and want a business that they are excited to run every day.  It may surprise you how many industries are represented in franchising, and really the options are endless.  That said, no two owners are exactly alike, and that is why, as franchise concepts evolve, they come to know what personality prototypes and skill sets will be most successful as they expand their footprint. 

When we work together, my goal is to help you assess your preferences, skill sets, aptitude, financial capacity, risk profile, and personal goals.  Maybe your management style is to delegate responsibility to skilled and capable employees.  You would be suited to invest less time in the business, and more time ON building your empire.  Others want something simple, fewer moving parts, and will replace their income from a past job by following the recipe and executing a solid system.  It really depends on you, and how you want to spend your time to become financially rewarded, successful, and happy. 

Thanks to the myriad of franchise business models available, there is likely a potential option available to you that will meet your unique requirements. The key is being open minded, willing to try on different roles and responsibilities, until we land on the right one for your personal and professional success. 

Let’s talk, and I will listen to what matters to you.  Together we will research affordable, essential, successful companies, so that the best business for you is truly allowing you to fulfill the ownership role that you will be happy with for years to come. Click here to schedule a meeting.

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