If you're thinking about starting your own business, one option you may be strongly considering is becoming a franchise owner. The reason this opportunity can be so appealing is because instead of starting from scratch, you get to start with a proven system. That means you'll get things like manuals, established branding, training and support. Having access to all those components from day one will put you in a much stronger position than if you had to come up with everything on your own.
Since there are a lot of positive things about franchising, it shouldn't come as a surprise that there are many different opportunities available. But just because there are a lot of different franchises doesn't mean they're all equal. Not only do different franchises vary in terms of how much value they provide to their owners, but a big part of this equation also comes down to personal matters. For example, even though you'll be working with a proven business, you'll still need to apply different skills to make your business successful.
By taking the time to do an assessment of yourself, and then find franchise opportunities that are a good match for your existing skills and other personality traits, you'll be able to maximize your chances of having a thriving business.
The Six Personal Components You Need to Assess
Whenever you're ready to create a personal assessment, the first area you'll want to focus on is your financial resources. You'll want to not only look at how much capital you have to invest, but also what kind of additional savings you have that can be used as a buffer in the time that it takes to get your business up and running. Even though franchises usually hit a break-even point faster than other new businesses, it's still important to have a safety net for you and your family.
Your business experience is the second area you'll want to assess. As you list each job you've had, spend some time thinking about the key things you learned. This will tie into the third component, which is your professional and personal skills. Think about things like organization or speaking with customers on the phone that you excel at doing.
Next up is your personal preferences. Because you want to enjoy your work, think about what you like to spend your days doing. Fifth is family considerations. It's important to identify the type of day-to-day routine that's compatible with where you are in life. Finally, write down specific types of franchises you think would be good for what you want to do.
Is House Doctors a Good Franchise Fit for You?
If your assessment included having $40-$90K in capital, strong leadership experience, good management and people skills, and being comfortable working from both home and a small office, a House Doctors franchise may be the perfect opportunity for you to build a great business and lifestyle!