WHAT DOES IT TAKE TO SUCCEED?
MOST CANDIDATES ASK THEMSELVES THE KEY QUESTION OF “DO I HAVE WHAT IT TAKES TO RUN A SUCCESSFUL BUSINESS?”
Key Elements to being a successful franchise owner:
- Do I have the drive to own and run a successful franchise business?
- How strong is the business system being offered by the franchisor?
- Will the franchise be a good fit for my skills, passions and strengths?
- Will I enjoy my business?
- Will I have the support of my family?
- Am I willing to follow a proven system?
- Can I afford the franchise and the ramp up time to build the business?
- Will the franchise be a good match to meet my lifestyle and financial goals?
These are a few of the key topics we will be discussing as we go through the discovery process and build out your personal business model.
THERE ARE 3 DIFFERENT OPTIONS FOR ACHIEVING YOUR DREAMS THROUGH BUSINESS OWNERSHIP
- Start a business from scratch
- Buy an existing business
- Purchase a franchise
| OPTIONS | AVAILABILITY | PROVEN SYSTEM | CORRELATION BETWEEN INVESTMENT & PROFIT POTENTIAL | SUPPORT AFTER PURCHASE | RISK FACTORS | ATTRACTIVE TO LENDERS? | HOW TO PREDICT THE RESULTS | MAKING CHANGES |
|---|---|---|---|---|---|---|---|---|
| Build From Scratch | Unlimited | No | None | None | First Time Effort | No | Projections based on your assumptions about the market | Up to Owner |
| Buy an Existing Business | Limited | Maybe | High | Limited or None | Hidden motives or incorrect information from seller | Maybe | Projections based on historical results of the business | Up to Owner |
| Purchase a Franchise | Many | Yes | None | High | High variability of quality among franchises | Yes | Projections based on results of franchisees in the system | Some aspects likely limited by the franchise agreement |