If you’ve toyed with the idea of owning and running your own business, especially one that focuses on green solutions, then you might want to look into investing in a lighting franchise, like our SuperGreen Solutions. There are a ton of advantages to owning and operating a franchise over starting a business from scratch, but it’s important that you figure out whether running a franchise will suit you before you take further steps. The following are some of the questions you should ask yourself before deciding to invest in a lighting franchise:
Do you want to be your own boss?
This should be the first question you ask yourself whether you’re starting a company from the ground up or investing in a franchise. Being your own boss can be incredibly rewarding—no one will tell you what to do or hold you back. However, it also means that everything’s on you. The way your company is run will be your responsibility. You will be in charge of your staff. If you can’t handle this responsibility, then maybe you shouldn’t be your own boss.
Are you willing to work within a system?
When you start a business from scratch, you have the opportunity to create your own business plan. There’s not as much flexibility within a franchise, but there’s a reason for this. Franchisors have an established system in place because it’s been proven to work. You have to be willing to work within a system if you want to run a franchise effectively.
Do you back the products and services you’ll be selling?
You’re not going to feel fulfilled if you buy a franchise that sells a product or service you don’t believe in. Make sure that what you’re selling is meaningful to you. If you don’t care about what you’re selling, it will be difficult to stay motivated to run and grow your franchise.
Do you have people skills?
Most franchises will require you to interact with a lot of people—from the advisors within your franchise system to your staff to your customers. If you don’t have people skills, you’re going to have a lot of communication trouble, which could hurt how you run your franchise.
Are you financially stable?
Whether you’re investing in your own business or in a franchise, you need to be financially stable. Most franchises will be able to tell you how much you need upfront, as well as how much capital you’re required to have. Additionally, most people need to obtain financing to afford a franchise even though it’s typically cheaper than starting a company from the ground up. If your finances are in poor shape, lenders may not be willing to give you the money you need.
Is your personal life stable?
Running a franchise requires a lot of time and effort, especially when you start. If you’re going through big life events, such as getting married, having a child, or getting divorced, investing in a franchise might be too much to handle.
Does your family support you?
Make sure that your family is on board with you starting a franchise. While there’s not a huge risk involved, it does cost money and will require your time.
You should be able to determine whether investing in a franchise suits you by asking yourself these questions. To find out more about our lighting franchise opportunities, be sure to contact us at SuperGreen Solutions today.