Odds are if you are reading this, you have at least considered whether this or another franchise is right for you. In 2018, we spoke to just over 150 people about whether franchising was the right fit for them. Many of them remind me of my journey 5-6 years ago in discovering what type of business I wanted to start or buy. For very few on the journey do they know what the destination is exactly. That is OK. For most others, the journey starts with trying to decide what is the best fit for you.
Based on my discussions with those as
Remember the Lead Person in this Story….YOU
When I start thinking about right fit, there is a quote from Dawn Abraham I always remember….”Don’t compare yourself to others, you have no idea what their journey is about.”
When you start down the path to entrepreneurship, inevitably you find yourself reading articles, blogs, and books telling you all kinds of advice on finding the perfect opportunity. I was there, I have read most of them too. What most won’t tell you is that the person you need to satisfy the most is yourself. You need to balance the financial, work-life balance, and personal fulfillment pieces and everyone’s will be different.
Its Not All a Math Exercise
Here is a secret of ours….we can’t stand talking to people about finances right off the bat. In our business and most others, if someone begins with the bottom line in mind, they are going to struggle being successful. You better like what you are doing because the peaks and valleys of owning a business are more dramatic than most anything else you have experienced. If you don’t start with a base of believing and enjoying what you are doing, those valleys will be unbearable.
It is a Math Exercise
Yes, there is number crunching that needs to be done. Ultimately, no matter how much information a franchisor gives you, it is up to you to figure out of the business makes financial success. We often get questions about return on investment (we have a whole other blog on that topic), and that is important. However, you must realize that return on investment is just one factor that must be taken into consideration with everything we talked about above.
Franchises: One Size Does Not Fit All
While on the surface franchises might seem to be very similar, the more you dig the more you will find they are vastly different from each other. Every franchise will have different fees and level of support. You should be looking for one that offers a level of support that compliments your skills. Do you have a background in operations? Than it might be a good idea to look for a franchise that has support geared more towards marketing.
Match Your Value with the Franchisors
At Monkey Bizness, our mission is to help children and families be happier and healthier in our communities. This mission is something that permeates everything we do. We design our marketing and community partnerships with this in mind. It would be hard to be a franchisee with us if this is not a mission that you are aligned with. All franchises have missions, whether stated or not. Most of the time, they use these missions to drive their strategic goals. If you are not aligned with the mission, then you may have a tough time operating within their system.
At Monkey Bizness, we love talking with entrepreneurs about their goals. If you have interest in possibly starting your own Monkey Bizness, don’t hesitate to contact us to learn more.
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