Franchise Owning Capabilities

Video Transcript

The next thing we need to do, you need to do a self evaluation if you're interested in a franchise. And this is to look at, can you, do you really want to start out and do your own business, can you really make the commitment to it? Do you have the resources to do it? Do you have the disposition to do it? Will you have family support? Is your wife going to, I mean this is going to be a family thing. You're not going to be able to just do this by yourself because it requires a lot of initial time, ok? So we need to do a self examination of what I really want to do and what fits me. For example, if you don't want to work seven days a week, then you don't want a food franchise. If you want to work five days, you want to look at business service, you want to look at business to business. Some people also don't really want to have employees and if you don't want employees, then again, you would have to look at business to business where you can be a consultant or maybe you like the idea of employees because you don't want to do some of the work. You want somebody else to do the work, you want to manage it. So you would look at a business service maybe that would allow you to do that. So you have to look at these things to say OK, can I be successful? If it requires a lot of sales, if you don't have a sales background it may be very difficult and in fact the third party would probably steer you away from something like that. So you need to find a business that fits your background, your experience and that way you can be successful.

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