Call for a CONSULTATION: 317-713-3403

Know Who You Are Before Buying a Franchise

Before purchasing a franchise, it is critical to know who you are. You have to be brutally honest with your personality and what type of work you’re looking for. Purchasing a franchise involves wearing multiple hats, so you need to know how you work and in what areas you excel and what areas need improvement. There are a few key questions you can ask yourself to help determine who you are.

What defines my personality?

It may seem like a meaningless question, but knowing what your personality is like can help you determine what franchise is right for you. It might be helpful to make a list of words that best describe you. Involve your family and friends to get an outside opinion of your personality. Remember that purchasing a franchise is a huge commitment and in order to be successful, you need it to be the right commitment.

What type of environment do I like to work in?

Franchises have an extremely wide range of focuses from dry cleaners to yogurt shops and everything in between. You need to have a firm understanding of the type of environment you enjoy working in and will thrive in. As a franchise owner, you will be involved in the day-to-day activities of the operation, at least when first starting; before you make the commitment to work in one type of environment, be sure it’s the type of environment you like to work in.For example, if you like to work in a fast paced environment, then perhaps a restaurant franchise would suite you best.

What am I passionate about?

If you are looking to go into business for yourself, there’s a good chance you’re doing so because you’re looking for meaning in the work you do. You want something to be passionate about or you already have a passion for something. There’s a good chance a franchise exists in which you can put that passion to good use, but you need to find it. You can’t commit to a franchise that you have no passion for because, ultimately, you won’t have any drive for that business. Having a drive is essential for achieving success.

What are my strengths and weaknesses?

Knowing your strengths may seem obvious, but when you purchase a franchise, you need to know what kind of help you are going to need—and you will need help. Knowing your strengths and weaknesses is about more than just knowing what you are good and bad at. When you know these, you can start to build a team that complements you. Find people who excel at the things you struggle with, so that you have the right support when you need it. When looking for a franchise, choose one that plays to your strengths and provides support for your weaknesses.

Knowing who you are isn’t the only step in purchasing a franchise—it’s just the first step. If you’re thinking about making the leap, schedule a free introductory call with us and learn how you can start the process the right way.

One thought on “Know Who You Are Before Buying a Franchise

  • Thank you for all this great information about what a franchise lawyer should know! I really like your point that before anyone gets into the franchise business that it’s important to know following your passion can lead to greater success because you’ll be more driven. I’ve been looking into getting into franchising and want to be sure I understand it and also have a franchise lawyer/advisor on hand just in case I need representation. Thanks for the tips.

Comments are closed.