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The Entrepreneur’s Source Discusses How to Know Which Franchise Concept is Right for You
The Entrepreneur’s Source® Discusses 3 Questions to Ask Yourself Before Deciding Which Franchise Concept is Right for You.
You may know that you’re looking to move from Employment to Empowerment® by taking the avenue of business ownership to achieve self-sufficiency, but do you really know what business opportunity is right for you? When looking at the franchise industry, there are various segments that call for several requirements and necessities from business owners in order to thrive. There are hundreds, probably even thousands of business opportunities out there, but not all of these opportunities are right for every entrepreneur.
Are all of the options overwhelming you and causing you to rethink your entrepreneurial dreams? Think again. Here The Entrepreneur’s Source franchise examines how to identify which business opportunities are right for you.
Know Thyself: Here are 3 Questions to Ask Yourself before Choosing a Franchise Concept
1. “Why?”
One of the most integral things that an entrepreneur must do before choosing a franchise opportunity is ask themselves why they want to be a business owner. Do you want to achieve self-sufficiency? Do you want to build equity? Are you looking for a secondary source of income? Depending on how a prospective entrepreneur answers these questions, they will be better equipped to identify the opportunities that may or may not be the right fit for them. There’s a reason why this is one of the first steps in the business coaching process that The Entrepreneur’s Source offers. Once an entrepreneur is able to examine why he or she wants to invest in a franchise, then they will be better equipped to explore the possibilities and available options.
2. “How Involved Do I Want to Be?”
Although many individuals assume that franchise owners need to be ever-involved in their franchise business, this isn’t always the case. With the growing popularity of semi-absentee businesses, not all franchise owners need to be invested in their franchise at all times. The semi-absentee business concept is a business that entrepreneurs can start on the side while they have another job or obligation, as opposed to a full-time franchise business, which requires your complete effort and wouldn’t allow for you to do something else in addition. Depending on if a prospective franchise owner wants to be there full-time or on a semi-absent basis, then certain opportunities may be eliminated.
3. “Do I Need Help?”
Many entrepreneurs fall into the trap of naively thinking that they can do everything on their own, when in fact, they cannot. Even if you’re not a first-time franchise owner or have a vast knowledge of the franchising industry, it’s wise to seek help when investing in a franchise. You may not need help with every aspect of opening your franchise, but consulting with a business coach can help an individual narrow down which models may be the most fitting for a prospective entrepreneur based on his or her Income, Lifestyle, Wealth and Equity™ (I.L.W.E.™) goals and other factors that are sometimes overlooked when choosing a franchise concept. Although this step is commonly overlooked, it is almost always the most necessary for future franchise owners to ask themselves.
For more information about how to decide if a franchise opportunity is right for you, consult a business coach at The Entrepreneur’s Source® today.