Ready To Own A Franchise? Here's 3 Signs To Let You Know

It's a pretty safe assumption that most of us desire to live the American Dream. Every single one of us has a different definition of the American Dream, but one thing has become very clear in the last decade or so Working for someone else in a job will NOT get you to where you want to be.

The wealthy people in the world today have a few things in common... They own their own business, or business for that matter, and they are in complete control of their own destiny. No one tells them what to do. So the real question is not whether owning a business is the right choice, but deciding whether to open a traditional business or buy a franchise operation.

I'm going to break down 3 characteristics in this article that will let entrepreneurs know if owning a franchise is the better move instead of starting a traditional business. So let's get going!

1. Your aversion to risk - One of the biggest fears of entrepreneurs is determining how much you're willing to lay on the line, if not all of it. With traditional business, you can win big, but you can lose big too. If you look at some of the wealthiest people today, they aren't franchise owners. They are traditional business owners that might have a franchise system underneath them.

The risk associated with owning a franchise is predictable and usually much lower than a traditional business. On the flip side, if you have visions of making it big with a franchise, the reality is you're going to have to own multiple operations to make that happen. Bottom line is you like a small to medium amount of risk, a franchise might be good for you.

2. Your creativity, or lack thereof - This might be something you never thought about before but running a traditional business requires you to wear a lot of hats. You have to be knowledgeable in marketing, operations, sales, inventory, human resources and so on. The reason creativity is a discussion point is because you might have to get very creative to solve a problem in a traditional business. You don't really have the backing of a big corporation to help you.

With a franchise, most of your creativity is not required as the franchisor controls most of the decision making in terms of marketing, systems, solutions, etc. The good part is that you don't have to be creative to solve problems. The bad part is that you are usually restricted as to what you can and can't do. So if you're the kind of person who doesn't want to have to 'create a better wheel', then a franchise is the better choice for you.

3. Your comfort level with planning - One of the most common areas entrepreneurs fail in is planning, or the lack thereof. Way too often business owners start a business and they never make a business plan or a marketing plan. They just go to work and hopefully they learn on the way without making too many mistakes. In a traditional business model, that's the 'kiss of death'.

In a franchise, pretty much all of the planning is already laid out for you, including the business plan and the marketing plan. The great thing is that you just have to follow directions and utilize the system. Bottom line is you're buying a franchise for the system, because it works. So if you're truly honest with yourself and you know planning isn't your strong suit, then owning a franchise might be the right move for you.

By: Gerek Allen

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