Choosing a Franchise Opportunity that will best Meet your Goals

Before you decide to purchase a franchise, it is very important that you set personal goals so that you can reach your financial and personal dreams.

Set 3-5 year goals before you research any franchise opportunity. This will help you to avoid choosing franchises that will not actually end up helping you achieve your goals.

Goals need to be both financial and non-financial, in other words quality of life, in nature. Financial goals should take into account cash flow, net worth, savings, equity build-up as well as spendable income. On the other hand, quality of life goals should consider lifestyle issues that are important to you. For instance, do you enjoy having dinner at home with the family at least 3 nights a week? Do you want to be able to take vacations, attend soccer games or even make a difference in the community?

Never overlook quality of life goals! If you do, you’re setting yourself up for great dissatisfaction. Quality of life goals are more important that financial goals. Why do we say that? Well, money alone is not enough to keep you going and will not hold your interest for long. Aside from earning a paycheck, many people cannot find a single compelling reason to go to work in the morning. Therefore, set quality of life goals that will keep your interest and passion for your franchise business going. Once your minimum threshold of earnings is exceeded, you will find that quality of life becomes the driver.

Virtually all franchisors have key performance criteria that help you and the franchisor determine whether or not your business is successful. However, no franchisor will measure how many quality of life goals you have achieved. Franchisors measure your success by their definition, not yours.

It’s solely your responsibility to create a clear definition of the financial and quality of life goals that define what winning looks like for you. Use your definition of winning as your criteria to compare various franchise opportunities. The franchise where you can have the highest probably of attaining both your financial and quality of life goals is the franchise you should make an investment in.

In order to choose a franchise opportunity that will best meet your goals, dig deeper and ask such questions as:

• What are the franchisor’s hiring and maintenance strategies?

• What is the impact of turnover on the business?

• What training programs are in place to train replacement labor?

• How long does it take to find replacement help?

• How long does it take a new hire to become productive?

• How long will I need to work each day?

• Will the franchise require that I be there all the time?

It’s very easy to lose sight of your goals. But don’t! Keep focusing on them and always choose a franchise opportunity that will best help you in achieving them!

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