5 questions to help narrow your franchise-buying focus


 

The beauty of a franchise is that it doesn’t necessarily have to be in an industry you’re familiar with or have worked in before.

Franchising allows you to reinvent yourself and go into a completely different field of work because you can leave the functional expertise to the franchisor and lean on their industry experience and established brand.

The downside is the options can appear almost endless and that can be overwhelming! 

If you’re wondering what direction to go in next, here are five questions to help you start narrowing down industries and options and get you closer to the best option for you. 

1. What am I passionate about?

As we step into our “new normal”, a lot of people are reassessing what they want out of their job. It even estimated around 48 per cent of the workforce in Australia is looking for new jobs. If this is your chance to really change things up, it’s best to do some serious self-reflection first.

What gets you excited? What inspires you? What’s going to make you jump out of bed in the morning? Does it involve helping people? Do you want to work with kids? If you think on this for a while, you can identify particular types of work or industries that will help you narrow your focus.

2. What don’t I like about the work I do now?

This is as equally important to ask as the first question. What don’t you like about the work you do now? Do you not like having a lot of customer interaction? Or perhaps that’s what you’re craving more of? Do you feel like what you do now lacks purpose and you’re on the hunt for something more meaningful? Whatever it is, be as clear about what you’re NOT looking for as you are about the things you enjoy.

3. What is my budget?

This is a great practical part of doing your franchise research, but it will also eliminate some franchise options from the outset. Some franchises have higher upfront investment than others depending on the infrastructure and fit out required, for example.

Wrapping your head around what you have to invest and what you will be able to borrow, and this will be a great guide that ensures you’re not wasting time looking at franchises you can’t afford.

4. How hands-on do I want to be?

Is this something that you want to do as a side-hustle to your current full time job or own another business? Do you want to be working in the business most days?

Some franchises suit a very hands-on approach by the franchisee while others can be taken care of by a hired manager. If you are going to work in the business, it’s also useful to think about which days of the week and what times you’d prefer to work.

If you don’t want to work weekends, for example, that will eliminate a huge number of franchise options.

5. What am I good at? 

Although you don’t need specific industry experience, it’s worth examining your skill set and what key talents you’ve acquired in your previous professional experience. You may find these skills naturally start pointing you in a particular direction. Perhaps you’re great at interacting with customers or you’re a sales gun. Maybe you have an artistic side or you’re a stickler for order and detail. Identify your best skills and use that list to help guide you.

Taking some time to understand what you want out of a franchise will help narrow down the search and hopefully see you land on an option that will make you very happy.





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