Does the idea of owning your own company sound like a dream come true? If so, you may be hesitant to start a business from scratch for several reasons. For one, you may not have a new business idea, and if you do, you may be afraid of putting your money into an unproven product or service. If you’re truly risk-adverse and want your exit from the corporate world to be a permanent one, you may want to consider franchising, but is it right for you?

A lot of aspiring entrepreneurs choose franchising because they want to minimize the risk of losing their hard-earned money and have the greatest chances of success. Unlike starting a business from the ground up, when you invest in a proven franchise model, you step into a well-oiled machine that comes with support from the franchisor and fellow franchisees.

When you join a franchise family, you benefit because your support network (the franchisor and franchisees) has thoughtfully and strategically removed the guesswork from the franchising process, so you are positioned for success.

Every question you have, has probably already been answered and if not, someone will be happy to answer it for you. In other words, the franchisor has already figured it all out for you. As a result, there’s a lot less room for error, and a much greater potential for growth and business success, providing you’re coachable, can operate well independently, are financially apt, and are a “people person.”

Will You Be Successful in Franchising?

Franchising isn’t for everyone, but it’s right for a lot of people. Will you be successful as a franchisee? Much of it depends on whether you are willing to follow a proven system and rely on a franchisee and fellow franchisees for advice, guidance, and support.

Regardless of your personality traits, if you’ve already decided that you want to be your own boss, franchising is almost always an easier way to go that starting a business from scratch. It’s less risky because the franchisors have learned through trial and error and developed a system that is not only proven, but is turnkey and duplicatable.

The Lifestyle You’re Looking For

Let’s say you’ve decided that franchising is right for you. Congratulations! The next step is for you to figure out what type of franchise will truly suit you and the lifestyle you’re looking for. Do you want a brick and mortar location? Or, do you want to work from home? Do you want to be on the road all day? Or, do you like doing everything from a cellphone and laptop?

If you’re thinking about a food franchise, for example, are you willing to put in the long hours that are required of you? Can you see yourself at the restaurant from 6:00 AM to 10:00 PM? Or, do you want something with more flexibility that allows you to take your kids to soccer games and work from anywhere, including your favorite coffee shop?

The idea is to find something that you love, that inspires you to get out of bed every morning. Because, if you hate the hours and daily grind, what’s the point? If you’re going to go from employee to entrepreneur, you have to select a franchise that offers the lifestyle you’re looking for.

Do Your Research First

Suppose you’ve narrowed your choices down to two or three franchise opportunities. Now, it’s time to do your due diligence before you decide which one is right for you. First, find out what a day in the life of the franchisee is like. Can you see yourself doing that? Next, contact several franchisees and ask them the following types of questions: How good is the support from corporate? How good is the support from your fellow franchisees? Would you recommend this franchisee to your best friend?

Once you have found a franchise that resonates with you, ask yourself the following questions before you take the leap:

• Do I align with the franchise’s culture?
• Am I willing to do the work to grow my own business?
• Can I follow the franchise’s ready-made system?
• Does the typical franchisee’s lifestyle fit me?
• Can I stay motivated to execute someone else’s concept?
• Am I coachable and willing to ask for help when I need it?

Do you describe yourself as honest, independent, customer-focused, service-oriented, personable, a quick learner, organized, motivated, and confident? If you can follow instructions, and you have managerial skills, franchising may be the ideal fit for you.

If you’re interested in an educational franchise opportunity that allows schedule flexibility and the freedom to work from home, the Tutor Doctor franchise opportunity may be what you’re looking for. At Tutor Doctor, our franchisees come from all walks of life – a background in education is not required! To learn more about what makes a good Tutor Doctor franchise owner, click here!