If you're like many aspiring business owners, you know the benefits of opening and operating a franchise unit. But you also may be wondering, “Which franchise is right for me?”
The answer depends on your skills, background, and experiences. When you take time to understand the unique qualifications that you offer, you’ll be prepared to explore franchise units you’ll enjoy and excel at operating.
What are your skills?
Think about the kinds of work you do best. Are you a talented people manager? A whiz at bookkeeping? A superstar in sales? List any attributes you can think of that could help you achieve new successes.
What knowledge do you have?
Think about topics you know a great deal about. Perhaps you’re well-versed in vehicle mechanics, sports equipment, home repairs, planning events, or another topic that you could apply in a business venture to help others achieve their goals. Keep a running list of those topics.
What are your interests?
Consider the ideas, hobbies, and activities you enjoy performing and discussing with others. Make a list of any interests you could pursue in a franchise operation.
What kinds of experiences can you offer?
List the direct business experiences you have that you can apply to a new venture. Do you have experience managing people, overseeing deliveries, ordering supplies, or working through compliance-related concerns? What are some other experiences you could put to use as the owner of a new business?
Where do those elements intersect?
Once you’ve identified your skills, interests, knowledge, and experiences, spend time looking for linkages. What have you achieved and found enjoyable? Where do your knowledge and interests align? Make notes on any connections you uncover.
Plan for the future
Now, shift your focus to the kinds of work you can imagine yourself performing. The following questions can help you as you begin envisioning your future:
|Do you picture yourself working happily in a retail setting, an office space, a home office, or outdoors?|
|Do you hope to find a role you can perform part-time, or are you looking for a full-time career position?|
|Are you comfortable working evening or weekend hours, or do you hope for a standard 9-to-5 schedule?|
|Do you imagine yourself working closely with customers, or would you prefer a role behind the scenes?|
|Are you interested in managing people, or would you rather empower others to take on that role?|
|Are you comfortable following others’ rules and directives, or would you perform better knowing you can make creative choices for your business?|
Every answer is important, and it should play a part in directing the course you choose to follow. You may find a clear path toward a certain category of franchise—a daycare, a restaurant, a retail store, or another option—or you may realize that another form of business ownership—one that allows for more creativity and flexibility—may be a better fit for you.
Would you like help working through your skill discovery process? Consider JobStars' Make a Career Change Program, which will coach you through finding your skills and interests to discover a potential career path.
If you're ready to pursue franchise ownership, we can help you with the process. Log into your owner's portal for a step-by-step guide, resources, and articles that'll help you find a franchise, attain financing, and conduct the work that's needed to make your venture a success.
Considering another path? We can help you weigh the alternatives. Read the following articles to learn about two other options for entrepreneurship: starting a business and buying a business.