How To Pick The Right Franchise For You
Whether you’re ready to be your own boss and create a new career as a thriving entrepreneur, or you’re looking for a fun side income that has growth potential, owning a franchise can be a great solution. Owning and operating a franchise comes with reduced risk over opening a business from the ground up, so new entrepreneurs gravitate toward this option.
But when you think about which company you should partner with, the amount of options is staggering! So, here’s a simple guide to help you select the right franchise opportunity for you!
What Role Do You See Yourself In?
When you’re picking a franchise, first you’ll want to get a clear vision of what you want out of your business. Do you want to be a hands-on business owner and operator, working with clients, helping create great experiences, and being one of the faces of the business? Or do you see yourself taking a backseat, preferring to hire staff to handle the operations of the business?
Also, consider how you see your future? Are you looking to keep your full-time job and operate a franchise as a side-business or do this in your retirement? On the other hand, you may prefer to open your business and allow it to be your full-time job. You may even consider a compromise where you open your business as a “side hustle,” but focus on growth opportunities.
What you want out of your business and the role you see yourself in is probably the most important aspect of selecting the right franchise opportunity.
What Do You Enjoy Doing?
While some franchises specialize in carpet cleaning, others are fast food restaurants, while others offer fun photo booths for events. As you consider your options, what do you think you’ll enjoy?
If you enjoy meeting people, providing enjoyable experiences, or getting to work closely with your customers, you could look at franchise opportunities that allow you to be hands-on and involved in the daily running of the business. On the other hand, if you prefer a more sales-driven role in your business, you’ll want to consider franchises that provide that.
The key is to discover your “Zone of Genius.” Think about what you love to do – photography, cooking, hosting events, reading – and then think about what you’re good at doing – customer service, problem-solving, organization. Allowing what you love and what you’re good at doing overlap is your Zone of Genius!
For example, if you love music and playing the piano, and you’re naturally good at teaching others, being a music teacher may be in your Zone of Genius.
What Investment Can You Make
Once you know what you want to do and what you see in your company, the next thing you need to consider is your financial investment. There are thousands of franchise opportunities, but there is a wide array of investment needs. Some require $200,000 or more just to open the doors, not to mention the money you’ll need to meet payroll the first few months or ensure you have enough to live on until you make a profit.
That being said, there are plenty of franchise opportunities that require less than $30,000 to get started, and the overhead costs are cheap. For example, a franchise you can run from home that requires minimal (or zero!) staffing is going to be significantly less than a business that needs you to rent an office or retail space and hire a staff!
Open a Mag-nificent Franchise!
Mag-nificent Photo Events offers you the best of nearly all worlds as a franchise owner. With startup costs often well under $30,000, it’s one of the more affordable franchise opportunities available.
More importantly, as an owner, you have tons of flexibility with how you run your business! If you want a part-time job to supplement your income or liven up your retirement, that’s not a problem, but you also have the opportunity to own a thriving, scalable franchise that has you working full-time. Hire a small support staff, or keep it family-focused, run it from home, however you see fit.
All you need to do to succeed is be driven to meet your goals, have a sales and customer-focused attitude, and provide the best experience you can to your customers. But we set you up for success by giving you the training, marketing, and customer support you need to make a stress-free success of your business.
Reach out to us today to learn more about owning a Mag-nificent Franchise!
