Franchising Offers NO Guarantees

You have to ask --- IS a FRANCHISE FOR YOU?

There are NO guarantees. You invest your money and take your chances. My own experiences include franchises for personnel agencies, temporary help services, diet centers, restaurants and PC training schools.

Some of these franchises proved very important in our business plan and growth into a multi-million dollar enterprise. However, there were some expensive lessons that we learned through the process.

As with any business, you must determine whether or not to enter a particular venture. First, assess YOUR reasons for going into ANY business, not just a franchise opportunity. Your best decision may be to buy a franchise. On the other hand, you may not be ready for any business venture.

YOUR DECISION

YOU must become a SUPER "snoop" or investigator. Ask the tough questions. You cannot expect exactly the same results as another owner of a franchise. If you are buying "brick and mortar" then it's location, location, and location.

Also, it's not only the location. Employees can make or break a company. Your investment in the company or your ability to fund the enterprise are factors. Your own leadership ability is a key element. "Links" are important, too.

It is imperative that you ask a lot of "what if" questions. What if? I stay with my present employer? What if? I go broke? What if? I don't LIKE the business? What if? my spouse does not like my "new" hours of work? What if? I don't like selling?

Why do YOU want your own business? Is it just a dream? Were your parents owners of their own enterprise? Franchise? Joint ownership, partnership? Again, YOU are your own person and must make your own decision. Family history of owning a business is NOT necessarily a guarantee of your success.

TIRED OF THE BOSS

Are you tired of your Supervisor or the Boss telling you what to do? Yes? That's not a good reason to "jump" ship. Operating a business requires more than a need for change or the desire to do as you please.

Business owners DO NOT get to do as they please UNLESS they "please" to spend most of their time worrying" or thinking about their business. Dealing with employees, payroll, benefits, vacations, sickness, children, spouses, vendors, customers, inventory, taxes, lawyers, accountants, auditors, IRS, EEOC, insurance, and more.

TOTAL COMMITMENT

Purchasing a franchise requires TOTAL commitment. Your energy, your money as well as other assets (collateral) are required to back up your new venture. IF you are NOT prepared to invest these qualities and resources into your franchise, then STOP here.

EVALUATING YOUR SKILLS Your experiences and potential success

As a first and often overlooked step, ask yourself why you want to purchase a franchise. This question, although basic, is an excellent way of evaluating your reasons for going into business. List every reason you identify, no matter how far-fetched it may seem.

Divide your list into two separate components. Separate the viable reasons from the trivial ones and categorize them accordingly. It isn't unusual for reasons to range from the desire to be your own boss to the desire to be a billionaire.

Consider the following questions:

Are you a leader? Do you like to make your own decisions? Do others turn to you for help in making decisions? Are you willing to accept managerial assistance from the franchisor? Are you willing to comply with the provisions outlined in the franchise contract? Do you enjoy competition?Do you have will-power and self-discipline? Do you plan ahead? Do you like people?Do you get along well with others?

Important questions need answers covering your physical, emotional and financial status. All part of being the successful business owner.

Are you aware and understand the "picture" of:

12 to 18 hour work days six days, seven days a week Saturday and Sunday schedules Physical stamina required Family strains and commitment Reduced income possibilities Risk of loss, your family savings Risk of failure and starting over

Answering "yes" to all of the above means that you have some of the skills needed to operate a successful franchise and/or private business. A "no" answer means that you may have to acquire additional skills and/or talent through others or training.

Have you had any business training in school? Are you willing to delay your plans UNTIL you acquire the skills?


FAMILY INVOLVEMENT

When you complete your self-analysis, discuss your results with your family and your financial advisor. Their feedback can help you make the right decision. If you all agree that you have most of the skills needed to operate a successful franchise, then you should feel comfortable proceeding with your plans.

If, however, they feel you lack most of these skills, then you may need to consider delaying your plans until you are better prepared. Above all, be honest and objective with yourself. It is YOUR future that we are dealing with in this analysis.

MY FIRST FRANCHISE

At the time, I was 30 years old and had already co-owned two businesses in my early years before 25 and had spent the last 4-1/2 years with an envelope manufacturer as an executive on the management team.

To make a long story short, I spent almost 2 years in this franchise before realizing we had too many chiefs (investors) and few indians (workers).

Very quickly, here's the point. The headquarters (franchisor) had a great track record in the "home" city and was making a lot of money. This is important. Why? Was there a "link" to the source of business? YES!

Our problem? We did not own or have the "link" that would turn the business into the same success story as the home office, the franchisor.

You have to look deep to find the details. A number of factors can be the "link" which makes your business successful. Let's name a few? it could be YOU, or a member of your staff, the location, unlimited financing, a large investor, new equipment and many more possibilities.

Be sure you KNOW the success "links". Sometimes they are hard to find but it is essential that you "discover" them BEFORE investing your money.

Action Tip: A franchised business has NO guarantee. You need a valid reason to begin a new business. Know that it takes full-time commitment from you and your family. You should know 'thy-self'. Leadership skills are required. Risk of failure is real and increase in skills level is important. Imperative to KNOW the success "link" in the home franchise.

Don Monteith spent 32 years in the Staffing business. His firm placed thousands of job candidates in their dream job. Today, he shares his expertise. Learn more by visiting his website at:http://www.HowtoGetYourDreamJob.com


More Resources

Fascinating Ways to Make a Living Doing What You Love May Be Closer Than You Think...
You don't have to look very far to find fascinating ways to make a living. Opportunities are literally everywhere? if you're looking, that is.
Finding the Right Travel Nursing Placement Agency
Travel nursing is becoming one of our nation's fastest growing professions, and it's no surprise. If you love seeing new places and enjoy exciting new experiences that evoke the feeling of taking an extended vacation, then the career of a traveling nurse might be just what the doctor ordered! Travel nursing enables many people to stay on vacation for two to six months in free luxury accommodations while earning high hourly wages at the same time.
Getting Your Online Health Care Administration Degree
Are you thinking about getting your online health care degree but don't know where to start? Afraid of choosing the wrong college or school? Here's a simple guide to help you get started building the career that you've always wanted.Making the decision to get your online health care degree is not any easy one.
Rethink Your Career Transition
Are you going nowhere in your career? If you've decided it's time to change your career completely, here's a new way of changing!Before you jump ship, think about what's been happening in your career. Have you been making little or no progress for some time? You may be in the throes of what George Leonard, author of Mastery, calls the "plateau".
After Your Interview - What Must You Do Next?
Other than actually landing the interview itself and living through it, waiting after the interview and wondering whether you will get a phone call or a rejection letter can be one of the most difficult aspects of searching for a job. What you do after the interview should actually start while you are still 'working' the interview.
When All Is Not Well With Work
When all is not well with work, what do you do? Do you quickly get frustrated and feel discontent? Do you look at each situation as a tiresome challenge or as an opportunity to learn something new? Have you ever considered looking at work problems from a spiritual point of view?When you look at work from a spiritual perspective, you will see that there are lessons for you to learn. Let's look at a couple of situations that you or someone you know may have encountered.
Background Checks: How They Can Determine Whether You Get Hired or Not!
Background checks are utilized by companies today to decide whether or not you will be permitted to work for them. Information in these reports can reveal many things about you to a prospective employer; it is critical that you be aware of what a company may uncover via a background check before one is conducted.
Overwhelmed and Overworked: The Myth of American Productivity
Employment finally seemed back on track during the first few months of 2004. Politicians crowed that "Our tax cuts are working.
Nuts and Bolts of Effective Cover Letters
As a job seeker, you shouldn't overlook the importance of a cover letter. If written strategically, a cover letter increases your chances for consideration, and provides an opportunity to highlight your individuality.
Is Pursuing a Career in Patent Law the Right Move for You?
What's It All About?The field of patent law is wide open to Biologists, Chemists, Engineers, Computer Scientists, and many other science and technology professionals. And it's true; individuals with the proper science or engineering degree need only pass the Patent Bar to become registered Patent Agents.
Are Your Intentions Clear in Your Job Search?
1. Do you REALLY know what you want?2.
Speak Up: Your Job Is At Stake!
How good are you at standing up for yourself?Do you run the other way when done an injustice or when someone steps on your proverbial toes?How do you react?Now's the time to speak up and stand your ground! If you've never done this, you need to master this skill.How many of you watched the "The Apprentice?" While the show is not the ultimate mirror of corporate life or a guide on how to be promoted, my clients have cited specific show episodes to highlight weaknesses they'd like to improve.
Spiritual Practices Offer Peace and Acceptance
Facing career transitions and daily life challenges can leave us feeling lonely, stressed and anxious. How do we manage to deal with the financial and emotional stress of having a home, a car, work (or no work), kids and a spouse in this too-busy world?Spiritual practices can help us navigate through the turmoil of work and life transitions with more acceptance and peace.
Dynamic Interviewing Practices
The pre-hiring process can be a challenge. If you're reading this article, you are finished with the pre-hiring process and are looking for tips that will guide you through the interview.
Job Search Techniques: Smashing The Gray Ceiling
For decades, women have chaffed at the invisible glass ceiling which prevents their moving into the high executive brackets that their competence, knowledge and skills have earned. The same amorphous barrier confronts older workers both in terms of advancement within a company and, most especially, when a job change is required.
Where Do I Go From Here?
Making Your Future Work Better For YouIt's the commonest concern people have about their careers. Where am I heading? Is this the right direction for me? How can I tell what will suit me best? Making good career decisions doesn't have to be agony if you clear away a few misconceptions.
Cleaning Houses for a Living Has Some Unexpected Benefits
If you're looking for a way to earn a living or just to make some extra money on the side, cleaning houses for a living is probably not the first thing that comes to mind.Cleaning houses? Doesn't that sound like a lot of unpleasant, grungy work?Yes, it does sound pretty unpleasant, and that is exactly why there is very good profit in it.
A Bit of Pollyanna
"Stop being such a Pollyanna," a trusted, more experienced colleague counseled as we took the long route back to my office. He had just witnessed my project idea annihilated as co-workers eagerly argued why my idea wouldn't work, where it was flawed and why it shouldn't be funded.
Six of the Best for a Winning Resume
1. Be CompleteMake sure that your resume includes EVERYTHING your prospective employer would need to know to be able to offer you an interview.
Unemployment Blues: Mind Over Mood
Our lives are tranquil and smooth so seldom, it seems. We have our ups-and-downs, our good days and bad days, our sunny moods and black moods.

More Careers & Employment Information:

Related Articles

Resume Outline - Add Structure & Flow to Your Resume
Building your resume, based on a resume outline will give it structure and flow..
From Bumbling Bosses to Cranky Co-Workers - How to Overcome What Makes You Hate Your Job
I'll be the first to admit that I hated my job. It took many years for me to come to this realization since I kept accepting promotions in the hopes that the awful ache inside of my chest would go away.
Start Working Before You Get Hired
What if there were a way to *prove* to any sane employer that you alone were the one to hire?Would learning how to do that interest you? I thought so.I call this the "start-working-before-you-get-hired" job-hunting method.
Free Resume Template: The ONLY One Youll Ever Need
WARNING: This article is likely to make you mad.In fact, I'm pretty sure it will.
How to Work Effectively With Recruiters
"R-E-S-P-E-C-T / find out what it means to me" is a line made famous by Aretha Franklin, and one that recruiters have adopted as their mantra. This is probably because there is a love-hate relationship between candidates and recruiters.
Stay At Home Moms No Longer Struggling To Make Ends Meet
It is hard to be a stay at home mom. You deal with a lot of pressures that most people would not understand.
Stepping Stone Jobs
What we name something matters.It sets a tone that alters our attitude.
Your Next Performance Appraisal: Make It Work For You
In the rush of everyday work, it can be difficult to think about your own career development. An appraisal is a key opportunity to identify your strengths, areas that need improvement and plans for your future.
Resurgence of the Time Sheet: Why You Should Write Down Your Workday Activities
One day I walked into my boss's office and said, " I think all staff should do a time sheet, including you, from now on." I definitely surprised her but the results of thisrequest certainly got the attention of all of our staff.
How to Negotiate The Best Salary and Benefit Packages
Salary and Benefits NegotiationOne of the most difficult aspects of job searching for many people, especially those who are just starting out or who are making a mid-career change, is actually the salary and benefits negotiation aspect. This is true partly because some people are just naturally uncomfortable with negotiation in general and also because they may not feel knowledgeable enough about the job market to be able to effectively negotiate for better pay and benefits.
Should You Join a Modeling School for Petite Modeling?
If you are thinking of breaking into the petite modeling industry and wondering if you should hundreds of doll ars on modeling school or classes you need to read this article. Here are few facts about modeling schools.
The Night Worker
In the process of musing about our perennially awake world for my Social Psych blog, I started to think about our present work world and how its operations have changed the lives of millions of workers.I manage a 24/7 emergency crew (mental health).
How To Write A Résumé
Figure out what you want to do.You can't write an effective résumé if you have no job target.
Hiring the Perfect Fit Through ELance.com
Outsourcing has moved upward in the most-improved columns of efficiency and respectability through eLance.com.
A Career in Image Consulting
You might have seen them while watching TV shows such as Extreme Makeover, Queer Eye for the Straight Guy, or What Not to Wear. Or you might have heard that Martha Stewart needed them to give her advice on how to look sympathetic to a jury.
5 Steps to Standing Out Above the Crowd at Work
Do you feel like one in a million at work - and not in a good way? When you run into your boss in the hallway, do you get the impression she isn't sure who you are? Are the juicy projects always going to someone else?If you answered "yes" to any of these questions, you need to raise your work profile. Here are some tips to get you started.
Writing Great Cover Letters
Cover letters are an essential ingredient to your complete résumé package. This is the best opportunity for you to demonstrate your personal character, knowledge of the company and your business writing skills.
Workplace 911
I've watched a few episodes of Nanny 911 and with the chaos, out of control children and seemingly irreparable behavior, it strikes me as a precursor to Workplace 911. No, not a new reality TV show, but everyday workplace problems.
So You Want A Promotion - What Do You Need To Do To Get the Champagne Corks Popping?
The champagne corks have been popping to celebrate your promotion.You have a well paid job you love - its really interesting.
Before You Begin, Know What To Expect - How You Can Make a Living Proof Reading From Home
Proof reading from home is an excellent way to make money, right? How hard and challenging can it be to do some editing after all?In fact it can be quite challenging to find a good quality proofreader that works from their house. This is due in part to the heavy demands it places on the individual and on their family.