For many people, the pandemic seems to have served as a lens for clarifying what matters most to them. Perhaps that’s why one in four Americans say they plan to change jobs during the post-pandemic era.
Some of those people no doubt will become entrepreneurs. Owning a business – including a franchise – can allow for better work/life balance, for instance, or empower you to pursue mission-driven work to focus on the things that truly matter in life.
Yet the process of becoming a franchise owner may seem shrouded in mystery to you. Let’s demystify it today, so you can begin to see whether or not franchise ownership is right for you.
Step 1: Assess Your Entrepreneurial Skills and Motivations
Do you excel at creating business structures, policies, and procedures from scratch? Or do you thrive better when those systems are already in place?
If you find the idea of ready-made structure appealing, then franchise ownership could be a great option for you. Because franchise owners purchase a business structure that’s replicable, they don’t have to spend frustrating hours building their business from scratch. On the other hand, if you’re madly creative or wildly entrepreneurial and don’t want to be constrained by franchise rules, then perhaps franchise ownership isn’t the best path for you to take.
Step 2: Identify “Good Fit” Franchise Concepts
To explore a wide variety of franchise concepts, you can review sources like Franchise Business Review. Make a list of concepts you find appealing, with notes that specify what you like best about them. This exercise will help you find your “why” – the purpose behind your interest in entrepreneurship.
If you discover you crave self-employment as a way to pursue mission-driven work that benefits your community, owning the right type of franchise will be crucial. Many franchises exist to make money, but fewer take a mission-driven approach.
Home Instead®, for example, is on a mission to “enhance the lives of aging adults and their families®” Yes, our franchise concept offers financial opportunities, as well, for engaged owners, but our primary goal lies in serving the community. If that’s the type of self-employment opportunity that appeals to you, then we would love to chat with you further.
Step 3: Review All Franchise Documents Thoroughly
Once you’ve narrowed your search to a handful of franchise concepts, it’s time to chat with those franchisors and receive documentation about each opportunity. You should carefully review and compare all of the documents various franchise concepts provide you. In fact, you may wish to engage an attorney to help you make apples-to-apples comparisons of the franchises you’re considering.
Performing this due diligence can give you confidence and peace-of-mind in knowing you’re choosing the right concept to meet your needs and goals.
Step 4: Make Your Choice and Enjoy the Excitement
The final step in the franchise ownership process involves signing on with the franchise, going through their owner training process, and actually launching your business. It’s an exciting time – and you should enjoy every moment of it!
No matter where you are in the franchise ownership journey, we’d love to give you more information about Home Instead. Give us a call today at 888.702.5987 or email us at firstname.lastname@example.org.
Each Home Instead franchise office is independently owned and operated.
©2021 Home Instead, Inc. All rights reserved.
13323 California St., Omaha, NE, 68154, USA
In North America, call our corporate office at888.484.5759. Outside North America, call 402.498.4466