Self-reflection and assessment makes us all squirm. Digging into what makes us tick, listing passions and having a long hard look in the mirror to ask if becoming a franchisee is what you want.
Well, you have identified that it is clearly what you want, but throwing everything you have into one franchise is a big commitment, and you want to choose one that works to your strengths. Consider these steps to unlocking your future franchise.
Follow the happiness.
Business is evolving constantly, with new product lines not being about to keep up with the demand of its users. Having a franchise in Australia is no different. Increased market segments and exciting new niches mean that the prospecting franchise is spoilt for choice. Like all things in life, if it doesn’t make you happy it’s not worth pursuing.
Think of when you were most happy in your life, where were you? What were you doing? Was it your part-time job at the ice cream parlour, your casual job as a car detailer? Follow that happiness and remember what that job did that made you feel that way, and can you bring it to life again as your own venture.
Lean on your experience and qualifications.
No-one is suggesting you should stick to what you know. However, there is something in familiarity and experience and businesses thrive off those two things. If you have studied an industry, or have been exposed to certain businesses this could be a strength to play to. The story of the accountant who threw it all in to be a Yogi Master is inspiring, but one does beg the question of whether that’s a good business decision.
Ask your peers and mentors what experience or predisposition you possess that sets you apart from the rest. As humans we typically like things that we are good at, so a combination of interest and success will give your franchise a cracking start.
Make sure the interest will be longstanding for you and the market.
If you have been rock-climbing for a month now and absolutely love it, the next step is to invest in a rock-climbing franchise, right? Well, not necessarily. If your long term plan is to hold onto your franchise forever, then the interest in rock-climbing might not still be there when you are not as limber as you are now. Or, perhaps, those risk seem far greater now you are sitting in the owners chair.
Follow your interests, but make sure they are founded and not going to just be a fad for the market. If you can’t judge subjectively, assess your competitors and find out how long they have been in operation and determine what their hurdle points are.
What sort of customers do you want to see every day.
Who are your people and who do you identify with? Is it sports-junkies, lovers of chocolate or perhaps it’s a community of dog owners? Your strengths shine through best when you are comfortable, and you are most comfortable in an accepting and energising environment if you are in the early stage of your franchise decision-making process, speak to this future customer base about what brands inspire them, and who they believe best champion their passion.
If all roads are leading to the same brand then you can bank on the quality of customer you will service and you have already forged your way into their community.
It can be hard enough to identify your strengths, let alone apply them to an industry that is worthy of you! Take into consideration what makes you happy, where you experience and qualifications lie, your interest and who also shares that interest with you. Research is everything so research the market and find out where your strengths would thrive.