How Do I Know if a Franchise is Right for Me?

franchise right

Company culture is critical to the success or failure of any business venture, because culture strengthens the network and contributes to the overall growth and success of a brand. The franchise world is no exception. Franchisors and franchisees should have a shared sense of values and goals between them in order to set the tone for long-term profitability. But even more than capital requirements, your skillsets and personality should be compatible with the franchise organization. With that in mind, how do you determine whether a franchise is the right choice for you? To ascertain whether a franchise is right for you, please read on, then contact one of our experienced franchise acquisition attorneys today. Here are some questions you may have:

How do you create a foundation of trust?

On the most basic level, you can’t establish trust in an environment with no transparency. If you hope to succeed, you and your franchisor must have mutual respect for each other. For your part, you should be able to trust that the franchisor has your best interests at heart. While not everything immediately aligns, you should feel that the franchisor has the right intentions and focuses on the continuous improvement of the brand. To that end, they should provide you with clear, unambiguous answers whenever you ask and in a timely manner.

How do you emphasize open communication?

Franchisors rely on franchisees to communicate openly and consistently with them to provide them with feedback from the consumer level. That said, the franchisor should foster two-way communication to learn what works well, what could use improvement and when they need to make changes across the system. Their responses will tell you if you share a desire to improve the brand.

How do you set clear expectations?

Franchisors should make clear to you how much involvement they need on a daily basis to properly position the business. For your part, you should determine how your own personal work ethic and availability complement the unique success drivers and requirements of that business. If key performance indicators include converting trial offers to memberships or occasional customers to frequent customers, businesses with absentee ownership tend to fall behind. The vast majority of franchise models require active involvement, especially in the early days of the business.

Should I feel passionate about my franchise?

Yes, you should feel passionate about purchasing a franchise, especially if you are buying into established cultures, systems and processes. You should have an interest in what the brand does and stands for, and have a desire to use those systems and processes to drive the business model and serve a purpose.

If you have any further questions, speak with one of our skilled franchise law attorneys.

Contact Our Experienced Franchise Lawyer Today

If you have any franchising issues, contact Fortman Spann, LLC online today to schedule your initial consultation.

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