Picky business

How do you solve a problem like buying a franchise? CEO of Telcoinabox John Pellew reveals all

 

If you're looking to buy a franchise, you are probably thinking: ‘Where do I start and how do I make the right decision?' The answer is easy. You start with YOU!
Most people thinking of buying a franchise make one big mistake. They look at all the different opportunities first. When you start this way, you could end up spending money to end up in the same job you had as an employee, the one you probably didn't like in the first place! If you are truly ready to purchase your own franchise business and want to guarantee you make a great decision, here are a couple of ideas to make choosing the right franchise for you more fun and profitable.

When you buy a franchise, it needs to be an extension of you. It should satisfy the following two criteria:

1. You are doing what you like doing
2. You are doing what you are good at

Before you start looking or even if you are looking now, complete the following
two exercises:

1. What do I like doing?
Write down everything that interests you and everything you enjoy doing, no matter how silly it seems. You can refine your list to be more business focused later on. Your answers can be as simple as, ‘I like working outside', or ‘I like building relationships' or ‘I like selling'. Once you have captured what you like doing, proceed to the next exercise.

2. What are my strengths?
Start by asking your friends or colleagues - you'll get some great answers. Be prepared as they might also tell you what your weaknesses are, which can be powerful yet confronting. This exercise can ensure you do not embark on a wrong opportunity.

Once you are confident you know what you like doing and what your strengths and weaknesses are, try to match your likes with your strengths. What strengths could you use with what you like doing? For example, if you like sales and are good at it, this is a great match. In fact, at Telcoinabox, we will not accept any franchisees who do not like sales or can't prove they are good at it. However, if you like landscaping but suffer from hayfever, you might not want to purchase a landscaping franchise. When you select the opportunity that satisfies what you like doing and utilises your strengths, it becomes an extension of you.

Be aware there is another side. We all have weaknesses and fears, and your business will also carry these. The reality is a business opportunity will never be a perfect fit. The key is to plan for your weaknesses. None of us are good at everything. You will need to fill in the ‘gaps' through a number of sources. One of these should be your franchisor. Many good franchisors provide excellent systems so you don't have to worry about administrative and operational activities. They are handled by your franchisor as part of the royalty/management fees.
Over the years at Telcoinabox, we have found that by developing great systems and providing all the back office operations we allow our franchisees to focus on what they are good at, which is growing their business.

In summary, as your business is an extension of YOU, make sure the opportunity you choose is a match of your strengths and what you enjoy doing. Utilising your strengths can compensate for your weaknesses. Once you feel confident about what you are looking for, go find a few businesses that can meet your needs, support you financially and, more importantly, make you happy doing what you want to do.