There are always two elements to decision-making: Logic and Emotion. As with everything else, you need to align your head and your heart to make sure you select the right franchise opportunity. Becoming your own boss is one thing, but whether you have what it takes to make that important decision is another. Though opportunities are a handful, every single factor must be considered before arriving at the best fit. The decision, more often than not, should be logical, and not by any means an emotional one, although you have the cushion of a proven system.
Let your head lead, not your hearts:
There are no half measures when it comes to selecting a franchise. You need to spend quality time considering what skills and potential you can bring to the table. Most wannabe entrepreneurs start out by making a self-assessment of their dreams, goals and desired lifestyle. There is a downside here, and that is if your passion does not satisfy the business need, there is inherently a gap which needs to be filled. For example, if one’s passions lie outside the marketing function, he/she will have a difficult time making sales and generating expected revenue. Therefore, not every passion, hobby or desire can necessarily translate into a business venture, and thus shouldn’t be the key factor in the decision process. Conversely, a successful franchisee knows how to align one’s skill set and talents to the functioning of an overall franchise system.
By this, I don’t mean passion doesn’t have any place in the overall scheme of things, but more often it is a mix of leadership and passion that is critical to business success. You must be really passionate and excited about the prospective franchise system and their overall vision. This will create a greater circle of influence that can support all your efforts. But how can you be sure of your decision? You must consult the right people every now and then to get the right answers, and for you to make an informed decision.
A lot of people approach me for franchising opportunities just because they like a particular product or service, e.g. soda drinks or cupcakes, so go for a bakery franchise. There isn’t any logic behind the decision—just pure emotion at play! As I mentioned earlier, decisions based on strong feeling can only backfire later. There is even a research study conducted by the University of Texas that corroborates the fact that it is natural for franchisees to take the ‘emotional’ route than that which is based on sound logical conclusions. Take guard whenever any franchise opportunity is sprinkled with the emotional appeal; pursuing it isn’t worth your time and effort—in fact, such opportunities come with hollow promises supported by an ineffective system.
Ask yourself whether you want to be an operator/hands-on owner or an absentee owner? Look into how a particular franchisor can support you with its support system from a logical angle, and not from your emotional point of view. It is also important to appreciate and respect the efforts of the franchise’s leadership team as it is inseparable from the business model.
With Strategizer on your side always, let sound logic, and not emotions, dictate your decision-making step. Remember becoming a franchise owner is an exciting step of a long entrepreneurial journey that requires a lot of foresight, and forbearance all along the way.