Are you cut out to be a franchisee?
Before buying a franchise, ten important questions need to be carefully and thoughtfully answered:
1. Are you ready to take on the responsibilities of starting and running your own business?
2. Does your family accept your choice and are they ready to support you?
3. Do you like the activity you are considering enough to make a commitment for 5, 10 or 15 years?
4. Do you like dealing with people and are you good at it? – You will have to interact with your customers, your employees, the franchisor and other franchisees.
5. Do you like the franchisor’s staff / those people with whom you will be working?
6. Are you willing to follow the franchisor’s rules and system?
7. Can you afford the franchise?
8. Have you carefully studied the legal documents?
9. Does the franchise you are considering have a track record of success?
10. Are the other franchisees generally happy and successful?
Ensure that you review the Franchisor’s Disclosure Document thoroughly. They should give you one regardless of whether they are required to you in your province or not. That’s just good business on their part. It will include a list of locations and the contact information for those locations. Call a few, and. Or just in the market your looking in. Call Franchise Partners in others parts of the country as well.
Joey’s Franchise Group encourages all of its prospects to reach out to existing Franchise Partners, it’s why call them Partners!
Joey’s Seafood Restaurants | Joey’s Urban | MVP Modern Barbers | Homes & Land Magazine Canada
Look for Integrity in your Franchisor
Look for high integrity propositions and franchisors
High integrity is essential for two crucial reasons:
You will keep your peace of mind, and sleep at night. The world is full of miserable millionaires - people who have exploited others to make their money - don't be seduced by this false dream. Always behaving and deciding with high integrity will keep you safe, well, and probably make you wealthier too.
You will delight your customers and good word will spread, which is vital for local service businesses, which nearly all franchise businesses are. Local businesses live or die by their reputations. Behaving with high integrity will automatically ensure that your reputation shines and grows. Many well established successful franchisees never need to advertise or look for their next customers - their customers find them.
If you buy a franchise that lacks integrity, then with all the best will in the world, you will be pushing water uphill.
Look for and buy a franchise which has high integrity at the centre of its products, services and business ethos, and you are half way to running a high integrity franchise business - all that remains is for you to ensure that your own input and activity are high integrity too.