A key element that most people don’t often consider when choosing to invest in a franchise is whether or not
the particular franchise fits within their personality type. The first thing
that potential franchisees typically evaluate when reviewing franchises are the
hard stats such as the number of locations and investment requirements, but
there are other critical factors. Franchises are much like dating, but unfortunately,
there aren’t any matchmaking services that test your compatibility points when
you are exploring options.
Take the dating analogy and dissect the franchise investment decision into an analytical comparison of all
of the factors that need to be considered. For example, some franchises may be very labor-intensive and messy, but have a much bigger price point behind each service;
others are fast and clean, and require less labor yet more material.
Below are some essentials that potential owners need to contemplate when shopping for a franchise:
- Time factor – The length of time for each individual job is a critical concept to consider when deciding to invest in a
services’ franchise business. Jobs in certain industries can take weeks to
complete, while others can be a quick 30-minute task. Keep top of mind your
personal preference towards a longer or shorter time period on a specific
franchises’ service delivery requirements, as there can be a significant variation
across the types of labor-driven work. - Mess factor – Some jobs, such as painting,
can be very messy and require a great deal of tools. Don’t forget about the needed equipment and their
weight as a consideration to keep in mind. Some people would prefer not to have
to be lugging heavy gear to every job. - Physical labor – Interested in getting in your
workout all day, every day or do you prefer the convenience of being on a
laptop? Keep in mind that some jobs require an immense amount of physical
strength. Some people love doing physical jobs, while others prefer to be in a
more traditional field wearing a suit every day. - Personal interest – Love working with food and
being in a kitchen or are you really into tech? Then, maybe consider your fit for
either a restaurant or with an IT franchise. Think about stress factors for
your personality – whether you can’t be tied to a desk all day or you simply
hate traffic and prefer to not have to constantly visit clients. Don’t want to always
smell like food and be around certain types of cuisine? Then you probably shouldn’t
consider a franchise in the food and beverage industry. - Location – Another important aspect to
consider is whether or not you enjoy being inside or outside. While some people
love working in any kind of weather, others prefer air-conditioning and heat
options in their 9 to 5 occupation. - Customer interaction – Some customers can be, to put
it nicely, a bit of a nightmare. More social personalities prefer to directly
interact with customers, while others would favor having just a few corporate
clients that require less social interaction. Know what you like and choose
wisely.
For long-term job satisfaction, finding the right fit in terms of compatibility is one of the most important
decisions when investing in a franchise. ‘Doing what you love and loving what
you do’ leads to higher efficiency and productivity in the workplace, which can
certainly affect reaching optimal financial goals quicker. The goal is to find
what you are passionate about and become part of the minority of people that look
forward to going back to work after the weekend.
About the author:
Ken Jennings started Texas Rekey Locksmith Service from the trunk of his car in 1995. The company was rebranded as Mr. Rekey Locksmith® Services when it expanded outside of Texas 10 years later.
During the last 35 years, Ken has founded more than 40 businesses and spent time studying the success of other business leaders in thriving industries and applying them to his own business ventures. He also mentors numerous entrepreneurs in his hometown of Austin, Texas.
Ken has two children who both play an active role in his organizations. He enjoys traveling with his wife Vicki and playing tennis.