Here’s a checklist for those deciding on whether to start on their own or to get a franchise:
1. Can I follow rules? Or do I want to make my own rules?
If you find it difficult following rules and regulations, be on your own.
2. Can I just assign a manager or do I have to be there myself?
A real entrepreneur is always “hands on”. You should not be afraid to get your hands dirty.
3. What if I change my mind after six months? What if my family asks more time from me?
Do not franchise if you have not asked the family’s consent. Most franchisors want you over the long haul, at least three years, and being fickle will complicate matters.
4. Do I really like the product or I just want it because it is popular?
Do not go into a business you do not enjoy. If you get a franchise, get it because you believe in the product
5. Do you have a really good asset or skill you can capitalize on?
If you do not want to depend only on your skills, get a franchise.
To those who decide to go the franchising route, congratulations! You are about to embark on a safe and steady journey to entrepreneurship. However, choose your franchise business wisely.
Be wary of “fake” franchisors who are after fees but do not have even one successful store to show for their offer. Legitimate franchisors, especially those who have been around for two years or more, can show you their operations and their performance. Check their track record. Visit their stores. Experience their service or prpduct. Talk to existing franchisees. Observe their employees. If you like what you see and believe in the brand, then pursue it.