March 31, 2017
Three questions to ask yourself before becoming a franchisee
Why do you want to do it? Do you want to do it on your own? And what are your knowledge and skill gaps so you can choose the right franchise for you? These are the most important questions you should ask yourself, according to Paul.
Most people know what they have to do but they don’t know where to start. That’s why Paul spends his days helping small business owners make better business decisions and become more efficient and effective. He helps you ask the hard questions and understand yourself.
What do you love?
“You have to be keen to do what the franchise does”, shares Paul. “For ActionCOACH, that’s working with small and big business owners to help them grow their business on a 1-to-1 basis. Most franchisees are attracted to a business because it allows them to do more of what they love, what they’re good at, and it makes them happy”.
Should I be part of a franchise?
The second question to ask is, “Do I want to do it on my own or as a part of a franchise? And, what are the advantages and disadvantages for both?”, explains Paul. The decision often comes down to whether you have enough experience or not. “You’re either a person who likes to create systems or a person who prefers to follow them”, says Paul.
What are my knowledge gaps?
Franchises already have systems in place. “At ActionCOACH we encourage franchisees to use the systems, learn from them and then suggest how we improve them. Our franchisees don’t have experience in all the aspects needed to run a successful business so they need to choose a system that fills in the gaps”, says Paul. Franchises are a great middle ground for those who don’t want to be completely independent or work for someone else. “You spend a bit of money but you save a lot of time because you’re buying someone else’s experience”, shares Paul.
Franchisees initially work with ActionCOACH for its brand and Intellectual Property (IP) but it’s the company’s global network and extensive training for the lifetime of the franchise that they find most valuable. “What we do differently is help people grow, if you stumble and fall we pick you up”, says Paul.
