Part II – What You Want the Franchise To Do For You?
In Part I of this series you assessed your skills to determine what you have to offer a franchise in the Tampa Bay area. Now it’s time to determine what you want the business to do for you. At FranNet we believe this is a very important component of your decision. After all, any business that does not match your goals and give you the lifestyle you want, reduces your chances for success and will not produce the outcome you seek. Some very important questions to ask yourself:
What are my personal goals? Some things to consider are family involvement. Do you want to involve family or friends in the business? If so, do you want to include their interests in the selection process? Determine how many years you want to work. Are you looking for something that you can grow very large or would you be happier with a business that you consider manageable as an owner/operator. Consider future life events – children in college, relocation and your retirement plans.
What are my financial goals? Do you want a big business where you can eventually step away and have others manage for you or are you looking for a business that you can wrap your arms around and be the Owner/Operator. Many franchised businesses are scalable – they can be grown as large as you want or kept at a level you can manage alone.
What business environment am I comfortable with? Do you want a business that has structured hours or would you prefer flexibility in your schedule? How about a home based business versus an outside office or retail location? These may seem like simple questions, but, depending on the business, the hours of operation may vary, as well as the location. It is always best to match the business to your lifestyle to ensure your future happiness.
What is my exit strategy? Determine how long you want to own the business. Go back to your life goals and determine when and how you want to leave the business. Do you want to build a business you can sell or do you want to want to turn it over to your children at a later date?
We have now completed Part I (What Do I Offer a Business) and now considered some of the things you want from the franchise, Part III of this series will help you assess your financial strength in how to match it to a franchise.
At FranNet we help people from across the country find franchise business opportunities that meet their personal and lifestyle goals. If you are interested in learning more, please contact me at firstname.lastname@example.org (813)281-5473
by Pat Deering, Owner, FranNet of Greater Tampa Bay