The franchising industry has been getting some good press recently as it’s been holding up relatively well in the current climate. It’s fair to say that franchising can be a safer business option when times are tough, but success is never guaranteed, and prospective franchisees shouldn’t expect to pick a system off the shelf and put their feet up while the cash rolls in. Before jumping in, you need to consider whether franchising is the right investment for you.
Thankfully, most prospective franchisees put in some serious research hours before making the leap into franchising. Our data shows that the average franchisee spends up to 12 months researching their options before choosing a system, so by the time they sign on the dotted line they have a good idea of what to expect from the business. However, on the flip side, it’s surprising how many franchisees forget to turn that level of scrutiny on themselves before deciding that franchising is the right investment.
Good franchisers will make sure prospective franchisees tick all the right boxes in terms of skill set for their business, but spending a bit of time on an honest appraisal of your own skills and working mindset can make franchise selection easier, and prevent those that are new to franchising from butting heads with their system further down the track.
Know your working mindset… read on.
