Are You The “Franchise Type”?

Forbes magazine recently listed several things that a prospective franchisee should consider before buying into a franchise. While no list could ever be intended to be complete, the following points are to be considered. They are assessing your individual personality, studying the field, and taking stock of your strengths.

Assessing Your Individual Personality

When you assess your personality, analyze whether you are the type of person with a temperament that would fit the franchise model. An entrepreneur will be faced with more rules and regulation if opting to purchase a franchise and Forbes states that military personnel usually do better as franchisees as they are conditioned to take orders. If you are comfortable delegating decisions to others, the franchise model might be for you. Decisions that you will no longer be able to make are developing advertising campaigns, sourcing inventory suppliers, and store design and layouts.

Studying the Field

A second area you’ll need to look into before deciding on a business strategy, is to study the field. By studying, we mean immersing one’s self in all the information available from several competing franchise’s information in print and online. However, reading is not the only way to get information. Franchise owners in your community may be more than happy to share their experiences with a potential franchisee of the same company, to encourage you or help you avoid making a big mistake.

Take Stock of Your Personal Strengths

Thirdly, a prospective franchise should take the time to assess their strengths and make sure to take advantage of them. If you are the “accountant type”, introverted and deep-thinking, certain franchises, like bars and restaurants, might not take advantages of your abilities as they would more suite a more outgoing, dynamic personality type. If you have a strong background in personal sales, a large, multinational chain like a MacDonalds where all the marketing is done for you may not be the best fit.

All in all, there are words of wisdom to follow in the Forbes article and you can read more at http://www.forbes.com/sites/susanadams/2016/06/22/12-things-to-do-before-you-buy-a-franchise/#7e65014f6527

Before you buy a franchise, it is critical that you sit down and review the franchise agreement with an experienced and knowledgeable franchisee attorney.

Give the franchise law firm of Mario L. Herman a call today, or see our website at https://www.franchise-law.com/.