Choosing the right fr anchise for y ou
FRANCHISING may seem like a good way of getting into busine ss on y our own, but y ou should think about whether the business you are considering mat ches y our per sonality.
Simone Cooper, head of franchising and enterprise de velopment at St andard Bank, said ther e are hundreds of franchise opportunities available, but their r equirements v ary c onsiderably. Make the wrong decision and you may face serious consequences.
“All franchise outlets require three things to be successful: har d w ork, dedic ation and p assion,” Cooper said in a s tatement.
Select a fr anchise that suit es your personality type.
“If you select a busine ss that demands y ou to spend hour s on y our o wn poring o ver b alance sheets, you will be unhapp y. You will e ventually divert energy into other t asks and lose busine ss opportunities because y ou ha ve no p assion f or what y ou do .”
Opt f or a fr anchisor who offers psychometric testing for potential franchisees. Do a simple test and find out if y ou are suited for an oc cupation.
Consider the se f actors: • DO Y OUR RE SEARCH PROPERL Y The more time you spend examining options, talking to people who already own franchised outlets and examining their work lives and t asks, makes you less likely to make a bad decision about your future. • TAKE A L ONG, HONE ST L OOK A T YOURSELF If necessary, write down what your ideal job would involve and lis t what you do not w ant in a job . • ASK Y OURSELF THE SE QUE STIONS Am I g ood at managing people ?
Am I a people’s person who enjoys networking, meeting others and developing business relationships?
Does the idea of ontactingc a stranger and trying to c oldsell a servic e intimidat e me?
Do I ha ve a t endency t o micr omanage? • DECIDE E XACTLY WHY Y OU W ANT A FRANCHISE OF Y OUR O WN If it is jus t money you ar e chasing , a long term commitment to a fr anchise may not be f or you.
Speaking to someone who has experience and arranging to spend some time in the franchise will soon alert you to whether your expectations were realistic or not. — B usiness E ditor.