Choos­ing the right fr an­chise for y ou

Weekend Witness - - Mone Y -

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.

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