I’ve been asked the question… “Should a doctor become a franchise?” The answer is not necessarily a resounding yes or no. The correct answer is… “It all depends….”
Specifically, the role of a franchise in anyone’s life is to build great predictability. Predictability can (and does) mean different things to different people. For a man or a woman choosing, say, a Subway Sandwich shop, they want to know that the company will help them choose a location that is going to deliver a strong stream of customers, and that Subway continues advertising, nationwide and worldwide, and will only add to that flow. Other franchisors, however, offer potential franchisees different forms of predictability. Various real estate franchises, for example, don’t guarantee the franchisee more business—but DO guarantee high performers that they’ll earn far more profits.
So, the first thing you need to do is carefully look at the franchise’s valued proposition and compare it to how you’re doing it yourself right now. If the franchisor’s performance is far greater than the performance levels you are currently delivering for yourself, it certainly makes sense at least to examine and investigate the prospect for yourself; but, don’t buy into anything just yet.
Perform intelligent and in-depth due diligence. Carefully study the offering documentation, first, to see what they claim and disclaim. Next, systematically interview successful franchisees. Ask the right questions; not just are they getting the benefits and/or value proposition promised, but is it worth it to them? Would they do it again? What are the biggest untold problems with getting started with the franchise? What are the biggest downsides the current franchisees see to buying a franchise?
Ask the franchisor to introduce you to people who became franchisees, but didn’t do well and dropped their franchises.
Support is a key to becoming any kind of franchisee. If the franchisor doesn’t provide the kind of support you need, want and expect, you could be seriously disillusioned, frustrated and actually go backwards by choosing the wrong franchise.
Finally, know that, when you become a franchisee, you are obligated to fulfill stricter, more structured directives and operational commitments. If you’re a rugged individualist, this might be something that drives you crazy.
Good luck. But, remember, choose carefully.
Jay Abraham is considered by many prominent business people as “the World’s Most Preeminent Business Growth Advisor.” He is acknowledged as a very unique and distinctive authority in the area of optimal business performance and in the maximizing and multiplying of business assets. He is also the author of many books and tapes on the subject of business improvement and growth, including Stealth Marketing, Money Making Secrets of a Marketing Genius and Recession Proof Your Business. His latest book, Getting Everything You Can Out of All You’ve Got is now available at most bookstores.