How Do You Want To Spend The Next Ten Or So Years Of Your Life?

Chances are you’ve already decided that you don’t want to continue making money for someone else for the rest of your life, so you’re thinking about quitting your job.

Or, maybe you’ve recently lost your job and you’re thinking you don’t want to find another one just to lose it, too.

Or, you’ve lost your job and you can’t find another one!

These are the times when people start thinking about opening a business of their own and eventually most will consider franchising.

Answer this question

That may be exactly where you are at this very moment. If so, I’ve got a suggestion for you: Take the time to ask and answer this question, “What do I want to do for the next ten or so years of my life?”

I’ll assume that you’ve already decided you want to be the boss, thus you’re considering the opportunities in franchising. So when you see yourself in the role of the boss, do you see yourself:

• Working in a retail business?
• Working from home?
• Out in the field working from a van? 
• Selling a product?
• Selling a service?
• Selling both products and services?

Answer these questions, too

And do you want to:

• Market and sell products/services? 
• Provide follow-up service to customers? 
• Oversee the business? 
• Work behind the scenes?
• Do a little of everything?

Rushing at this point doesn’t make sense

In other words, what do you see yourself selling . . . what do you see as your role in the business . . . what kind of environment do you need to feel satisfied in your new career?

Too often, people do not take the time to consider these options. Sometimes people panic and they buy a business quickly because they feel they want to be productive again and start generating income. In other cases, people just get tired of shopping for a business and they buy something because . . . well, because they’re tired of deliberating. And unfortunately some people feel the pressure of someone who’s trying to sell them a franchise and they say “Yes” too soon.

If you don’t ask now, you’ll pay later

When people hurry the franchise buying process–regardless of the reason–there’s likely to be consequences down the road.

Prospective franchisees don’t have much trouble getting at the key points that need to be considered, including how much it will cost to open the business, the amount of the royalty, the operational requirements, and how much they can expect to take home after 90 days or a year . . . but rarely do prospective franchisees pause and think about what they really want to do.

Fastest way to get burned in franchising

“I want to buy what’s ‘hot’,” they often tell me, and I tell them that’s the fastest way to get “burned.” If what’s “hot” doesn’t make sense for you, if it’s not going to provide the long-term satisfaction that every business owner needs, then it doesn’t matter if the business is hot, cold, or lukewarm. It’s not going to work long-term. 

Give yourself at least a day or so to think about all the options you have as a franchise owner. Where do you see yourself fitting in? What do you really want to do? What feels right for you and your family? No, no, no, don’t talk about how big the market is for this product or that service–save that for another discussion. Just for now think about you, what you want to do, and how you’ll derive satisfaction from your own business.

You’ll find the concept that makes sense for you

And don’t be afraid thinking that if you don’t make a buying decision you’ll lose an opportunity. There are more than 75 different industries that use franchising as a method of distribution for products and services. There’s at least one out there for you. But there may not be a whole bunch, so all the more reason to spend the time thinking about what will make you happy.

Do it before you buy!

Image by: tj scenes

Categorised in: Buy a Franchise

This post was written by Dr. John Hayes