5 Thoughts to Avoid When Choosing a Franchise
In all aspects of life, there’s a difference between being smart and being over-the-top. Saving on groceries is smart. Clipping coupons for multiple hours and buying enough ketchup for the century is over the top. And so on – there are thousands of similar situations and in each of them, it’s important to find proper balance. A combination that allows you to enjoy life in a practical way, but that won’t cause you so much grief you can’t process the everyday.
The same can be said for work – whether starting your own business or showing up to your 9 to 5. Running practicality vs. probability will allow you serious stress relief, while allowing you to better enjoy your job day in and day out.
When choosing a franchise, your first or your 10th, here are some of the most detrimental questions. Avoid venturing toward any of them at all costs.
5. What Will the Company to do for Me?
That is, without expecting to put in the work yourself. It can be helpful to look at how a situation will benefit you, and everyone else involved. In fact, it’s encouraged. But it’s also important to realize franchise deals aren’t one-sided. In fact, they aren’t even, either. You will be putting in far more work to your own branch than anyone else. Way more. That’s simply the nature of the setup. It will, of course, pay off in growth and sales (and therefore money), but shortcuts just don’t exist in personal business growth.
4. How Much Will you Make?
Again, profit is contingent on all types of variables. Including price point, customer base, location, marketing efforts, staff efficiency, and more. Though outcomes can certainly be made, it shouldn’t be seen as an end-all, be-all of what a restaurant will bring in. Instead, look at real numbers they’re able to provide, and strive to do everything possible in order to make them a starting point. By first seeing what others have done, you’ll have a better idea where you can be, but not necessarily where you will be without first putting forth effort.
3. Assuming Everything Will go Wrong
Things will happen that aren’t supposed to. That’s a part of life. But you also shouldn’t assume anything and everything will go wrong. Especially when they are out of your control. Doing so will only cause unnecessary stress and time wasted. While there’s no harm in having tips on hand for when a problem does take place, over planning will only waste effort on issues that might not ever take place.
2. Your Restaurant Will be Different
Good or bad, for gain or loss, franchises are very much alike. At the same time, they’re very much different in a number of aspects. However, they’re not different enough to cause special treatment, or for out-of-the-ordinary expectations to be seen. And that goes for both ends of the spectrum – those who think their branch will bring in millions instantly, and those who fear theirs will crash and burn, even though the necessary work has been put in.
Rather than assuming for the irregular, shoot for average outcomes as a goal to improve upon.
1. What’s Next?
A valid thought years down the line, it is first necessary to get one working franchise up and going before working on the next. Even if the project is completely different, keep it on the back burner until your original business is holding strong. This means something different for everyone – generally a level of comfort. However, profitability, knowledgeable employees, etc. should all be steadily tracking before moving on to your next project, whatever it may be.
It’s hard not to let your mind wander – in anything – but avoiding these thoughts, at least on a serious front, will help better prep you for future success.