Find out if you will be a successful franchisee.

Will I be successful as a franchisee?

One of the strongest tips to follow when considering becoming a franchisee is “Evaluate Yourself.” Evaluate if you can accept instructions. Some people can’t. Assess whether you can work within defined systems and structures without feeling trapped. Evaluate if you are committed to the franchise concept and if you believe in it. If you think you can work within these parameters, opt for a franchise. Otherwise, a franchise may not be for you.

Also keep in mind that owning your own non-franchised business is almost 3 times more likely to fail than a franchised business. In today’s world, you must take advantage of all the advantages you can. And don’t forget, you will be your own boss, if you were fired, it would be wise not to have your own business at all.

Are franchises infallible?

Absolutely not. Franchises trust you to be successful. Even if you are successful, certain things can happen outside of your control that can cause your franchise to collapse. These aspects are possible failures of the franchisor. Regardless of how well you run your franchise, you may be forced to close due to the performance of your franchisor.

The main ways your franchisor can collapse are:

Franchise structure

If the franchisor decides to start the franchise without testing, a short track record, bad advice, the franchise structure may be flawed. If this is the case, the franchisor may have financial difficulties. If that happens, the parent company that owns all the franchises may be forced to go out of business.

Bad franchises

Most franchises have a resource-verified selection process. This is because the franchisor wants to make sure that the best people, or at least the technically competent people, run the franchises. If there are no selection criteria, the franchisor cannot guarantee success. If there are established selection criteria, the franchisor has tried to mitigate the risk in this way. The entry qualification for starting a franchise should be something you need to pay attention to. If being a franchisee is too easy, then it may be wise to avoid that particular franchise.