The "Family Owned" Business - A Look at Franchising

Before you buy a franchise you need to make sure your family is on your team and that the franchise business that you are purchasing does fit your family's way of life. Of course, this isn't any different advice that any SCORE counselor wouldn't give you in running your own small business, but you must realize that running a franchise is just as tough.

You seem, when you join a franchise system you are joining a family, in addition to the one you already have. If it's not a good match, it can be a living hell. Now, it makes sense to take a personality test to make sure you are up for the job of being self-employed, a franchise entrepreneur, or a small-business owner. What happens is families do not go through the same process to see if they have what it takes to make it work.

When you own your own franchise you will be working quite a few hours every single day and on weekends, especially as you get the business going in the original growth period. If you don't put in 110% into your business, it may never succeed.

Even though the franchisor has a solid business plan and model, and a good track record you must understand that part of this is that the franchisees of each individual outlet that are making it happen. Buying a franchise is not a silver bullet, even if that franchise is well-established and a brand name is well known.

Even if customers are lining up at the door for your products and services, it doesn't mean that you are going to be able to turn a profit if you don't manage the business correctly and give it your all. I sure hope you will consider the reality between franchising and merely collecting a paycheck. Please think of this.

Lance_Winslow

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