April 21, 2014
By Ken Jennings
A key element that most people don’t often consider when choosing to invest in a franchise is whether or not the particular franchise fits within their personality type. The first thing that potential franchisees typically evaluate when reviewing franchises are the hard stats such as the number of locations and investment requirements, but there are other critical factors. Franchises are much like dating, but unfortunately, there aren’t any matchmaking services that test your compatibility points when you are exploring options.
Take the dating analogy and dissect the franchise investment decision into an analytical comparison of all of the factors that need to be considered. For example, some franchises may be very labor-intensive and messy, but have a much bigger price point behind each service; others are fast and clean, and require less labor yet more material.
Below are some essentials that potential owners need to contemplate when shopping for a franchise:
- Time factor – The length of time for each individual job is a critical concept to consider when deciding to invest in a services’ franchise business. Jobs in certain industries can take weeks to complete, while others can be a quick 30-minute task. Keep top of mind your personal preference towards a longer or shorter time period on a specific franchises’ service delivery requirements, as there can be a significant variation across the types of labor-driven work.
- Mess factor – Some jobs, such as painting, can be very messy and require a great deal of tools. Don’t forget about the needed equipment and their weight as a consideration to keep in mind. Some people would prefer not to have to be lugging heavy gear to every job.
- Physical labor – Interested in getting in your workout all day, every day or do you prefer the convenience of being on a laptop? Keep in mind that some jobs require an immense amount of physical strength. Some people love doing physical jobs, while others prefer to be in a more traditional field wearing a suit every day.
- Personal interest – Love working with food and being in a kitchen or are you really into tech? Then, maybe consider your fit for either a restaurant or with an IT franchise. Think about stress factors for your personality – whether you can’t be tied to a desk all day or you simply hate traffic and prefer to not have to constantly visit clients. Don’t want to always smell like food and be around certain types of cuisine? Then you probably shouldn’t consider a franchise in the food and beverage industry.
- Location – Another important aspect to consider is whether or not you enjoy being inside or outside. While some people love working in any kind of weather, others prefer air-conditioning and heat options in their 9 to 5 occupation.
- Customer interaction – Some customers can be, to put it nicely, a bit of a nightmare. More social personalities prefer to directly interact with customers, while others would favor having just a few corporate clients that require less social interaction. Know what you like and choose wisely.
For long-term job satisfaction, finding the right fit in terms of compatibility is one of the most important decisions when investing in a franchise. ‘Doing what you love and loving what you do’ leads to higher efficiency and productivity in the workplace, which can certainly affect reaching optimal financial goals quicker. The goal is to find what you are passionate about and become part of the minority of people that look forward to going back to work after the weekend.