I commend you; you’ve made the decision to explore franchise ownership as a way to help you get where you want to go. While there are no guarantees that you’ll find a franchise that meets all of your criteria, you feel that your search for the right one is well worth your time and effort. That’s because you feel that the alternatives aren’t all that pretty.
So, you’ve taken this bold step, and you’re hoping to find a franchise that rocks. And, this is a bold step. If you’re anything like the potential franchise ownership candidates that I’ve worked with over the years, you’re vacillating back and forth between these two things;
- Being your own boss
- Working under one
I’m going to assume that you’re leaning heavily in the “I want to work for myself” direction, since you’re reading this post. Heck, you’ve probably signed up to have my franchise blog updates delivered right to your inbox for free, because you don’t want to miss one valuable tip.
The tip I’m about to dispense has to do with your franchise research. It’s one of many, (40 actually) that I’m providing to my blog readers as part of this special series.
On page 185 of my book on franchise ownership, I suggest that this question be asked of all the current franchisees of the franchise opportunity that you’re interested in;
“Is your role as a franchisee what you expected it would be? If not, what’s different?
This is one of those franchise research questions that may end of being a game-changer, and I’ll show you why.
One of the most common mistakes that I see would-be franchise owners make has to do with the assumptions they sometimes make with no facts to back them up. (Which is why they’re assumptions.)
For example, let’s say that you’re interested in becoming a multi-unit franchise owner. You don’t know that much about multi-unit franchising, but you’re attracted to it because of the inherent growth opportunities. Your visual of a typical multi-unit franchisee revolves around the real estate acquisition end of things. In other words, when you become a multi-unit franchise owner, you’ll be playing the role of real estate mogul most of the time…adding on to your massive franchise portfolio year after year.
While cruising around your protected franchise territory, (in your luxury vehicle) looking for new real estate acquisitions sounds kind of cool, it’s probably not what your role is going to be as The Owner.
But, maybe it is.
There’s only one way to find out, though. You have to ask this question, and the one I gave you up above. Go ahead.
That way, you won’t have to assume that you know what your role will be as a franchisee of the concept you’re exploring–and maybe even buying.
If you’re a franchise owner, is the work your doing now what you thought it would be when you were exploring it-and researching it?