Next time you go for a walk in your neighbourhood, count the number of recognisable franchises you see. Maybe you pass by McDonald’s, Subway, or other well-known fast food joints or shops that would be recognisable in any part of Ireland, or even the world, that you might travel.
Each of those restaurants, shops, and other businesses are run by hard-working franchisees, who pay a franchise fee and ongoing royalties, to set up a franchise business in an assigned territory of a particular city or town.
Many consider becoming a franchisee a straightforward way to start a new business. If you think buying into a franchise is a solid option for you, first consider whether you have what it takes to successfully run a franchise.
Are you willing to stay in one place?
When you purchase a franchise, you will essentially be limited to doing business in your specified territory. You may, of course, have the opportunity to open another location down the road. Can you see yourself running the business in five, 10, or even 20 years? Buying into a franchise is typically a long-term commitment.
Are you willing to make the franchise your top priority?
Running a business – whether you start that business from the ground up or buy into a franchise – requires a huge commitment of your time and your focus. You will likely work longer hours, especially in the beginning, and you may be required to work outside of normal business hours, including nights, weekends, and holidays. Are you willing to do that to ensure your business’s ultimate success?
Do you enjoy working with the public?
As a franchisee, you’re likely going to have to deal with the public on a daily basis. People won’t always greet you with a smile. In fact, if you’re ever worked with the public, you know you will have to deal with angry, rude, and unhappy people sometimes. Are you able to do so without letting it affect your positive attitude?
Do you prefer to follow the rules or to make the rules?
When you become a franchisee, you pretty much have to follow the rules of the franchise. Do you prefer following the rules or do you have to be the one to make the rules? If you’re a stickler for adhering to the rules, you increase your chances of success as a franchisee.