What's a Franchisee Do All Day?

As you're sitting at your computer dreaming of owning a franchise, are you carefully planning your future? Or are you about to make a disastrous mistake?

We often get calls from prospective buyers who ask "What's hot?"

My response is often "NASCAR and the World Wrestling Foundation! Do either of these interest you?"

It's amazing how quickly people connect with my belief that what's right for Jeff Gordon may not be right for you.

You may be sitting there evaluating franchise systems by how strong a demand there is for the product or service provided to customers. Currently, Tex-Mex restaurants are "hot" but if you have no restaurant experience and little experience managing entry level workers, you probably should stay clear of food services.

Home health care is another hot niche, with the longer life spans of seniors. However, if you were a top salesman in a business-to-business environment in your last life, you may not have the patience to assist those who are frail and forgetful.

If you're day dreaming about your future job making large bank deposits, trading cars and buying a home at the beach--YOU NEED TO SNAP OUT OF IT!!

Most franchisees report that they draw less money out of their business the first year than they did the last year they worked for someone else. Their rewards came in the later years.

More critical than how "hot" the market segment may be is how much you'll love your work. In franchise systems where the owner invests less than $250,000 to get started, the owner usually carries 80% of the burden for the company's early success on his or her shoulders. Enjoying your Job Description in the early years is critical, since you may be working 50, 60, or more hours a week.

Unfortunately, many franchise salesmen lead you into believing that preparing bank deposits, paying a few bills and coordinating employee schedules is all it takes to succeed. You must demand to know how franchisees spend their time in the early months of their unit and what they do as they mature. Write up a list of activities and assign amounts of time to each. Then call franchiees and get confirmation that this is accurate. Does this sound enjoyable to you?

If not, it's time to resume your search. For more help, check The Franchise Doctor's Website call us with a question (800 220-8256) or post one here.