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Is Owning a Franchise Right for You? Ask Yourself These 5 Questions

Is Owning a Franchise Right for You? Ask Yourself These 5 Questions

Here are 5 questions to ask yourself to determine if opening a franchise business is right for you.

Buying a franchise can be a great option for entrepreneurs, but it’s not necessarily the best option for everyone. Here are five questions to ask yourself to help determine if owning a franchise business is right for you.

    1. Are you willing and able to fully commit yourself to business ownership?

Although opening a franchise business allows you to bypass many of the struggles associated with starting your own business, it still requires a great deal of effort. The franchisor will provide a proven business model and immediate brand recognition along with start-up training and ongoing support, but you must be willing to put in the time and effort to make it work. Thanks to the tools provided by the franchisor, franchise businesses do have a higher success rate, but it doesn’t happen overnight. You must be willing to work harder than perhaps you’ve ever worked before, especially during the start-up phase to launch your business. It will also be up to you to grow it.

    2. Can you adhere to the franchise guidelines?

Consistency is the heart of every successful franchise. Customers expect the same products and level of service from one franchise to another that operate under the same brand. This brand awareness and the power that it carries is one of the most important advantages of franchising. Thus, sticking to the franchise system and maintaining the brand identity are critical. To ensure you have a clear understanding of the products and/or services, technical systems and operational procedures that need to be followed, look for franchise opportunities that include extensive training. You must be willing to learn and conform to the franchisor’s operating standards to successfully duplicate their proven business model. If you’re not content to color inside the lines, owning a franchise may not be for you.

    3. Will you enjoy the franchise?

Like Mark Twain said, “Find a job you enjoy doing, and you will never have to work a day in your life.” When opening a franchise business, think about what you like to do. Oftentimes, prospective franchisees gravitate to what they believe will be a profitable concept or bank on a sure-fire business model but fail to consider how much they will actually enjoy the experience. For some, capitalizing on a beloved hobby or interest is a no-brainer. But use caution going this route; turning a fun pursuit into a job could make it less enjoyable and ruin the hobby as well. Make sure you enjoy the activity enough to spend most of your time doing it. The initial term of an average franchise agreement is 5-10 years, which can seem like an eternity if you fall out of love with what was once your passion.

    4. Are you a people person?

From collaborating with the franchisor and fellow franchisees in the network to dealing with vendors, employees and customers, a significant amount of your time will be spent interacting with others. Great interpersonal skills are a must. If you do not enjoy working with people and lack a track record of good relationships at all levels within an organization, franchise ownership may seem more like drudgery than a joy.

In addition to strong interpersonal and communication skills, you should also be a highly motivated individual. Striving for and attaining goals to continually improve your business, solving problems along the way and the ability to inspire and lead a team are extremely beneficial traits to possess.

    5. Can you afford the franchise?

The cost of opening a franchise business varies widely from $10,000 or less to millions of dollars. Some franchisors even offer a variety of location types with varying costs to help fit the needs of their franchise owners. Before investing, thoroughly research all start-up costs and evaluate your financial resources. Keep in mind you will need enough money to not only open your franchise, but to cover operating costs and your living expenses as well, until your business becomes profitable. Depending on the franchise, that may take up to a year.

Under-capitalization is one of the major causes of business failure. It’s always a good idea to have more funds available than what you estimate you will need. Most franchisors have a minimum net worth and liquid capital requirement for their franchisees. If you’re short on cash, there are a variety of financing options available, but be wary of starting out your business heavily in debt. Some franchisors offer their own financing programs or discounts to help offset start-up expenses.

Thoughtfully answering these questions can help determine if owning a franchise is right for you. But the bottom line remains the same, if you don’t relish the thought of embracing a pre-defined blueprint for success and immersing yourself full-time into a business, then franchising isn’t your best option for spreading your entrepreneurial wings.

2023 Entrepreneur's Franchise 500 Top Rated for Veterans badge

We Proudly Support Our Veterans

Participating partners with the VetFran program, The UPS Store offers qualifying veterans $15,000 off their franchise fee to start their new business. To learn more, contact The UPS Store Franchise Development Team.

Entrepreneur's Franchise 500 Ranked #4 in 2023 badge

Ranked for over 30 Consecutive Years

The UPS Store has been ranked #1 in the postal and business services category for over 30 years and remains in the top 5 overall for the seventh consecutive year according to the Franchise 500 list.

Kristin Howard

Franchisee, Michigan

The reason my husband and I decided to go into franchising and specifically with The UPS Store, is the different opportunities we're given with the business. The UPS Store has name recognition as well as opportunities to expand.

Debbie Adams

Franchisee, Kentucky

What I enjoy most about being a The UPS Store owner is working with my customers. We are the solution specialists for our customers.

Jim George

Franchisee, Illinios

My favorite part about The UPS Store network is the camaraderie with other franchisees. Everybody loves to help everybody else. You’re really part of a family.

Greg Murray

Franchisee, Florida

The interesting thing about The UPS Store is that when a customer walks through the door there's an extremely high probability that they're coming there to do something that is important to them. So at the end of the day, what we do for customers is very important and they are trusting that we are going to do it well.

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Mariana Huberman

Franchisee, Washington, D.C.

One of the things that I love about The UPS Store franchise system is that you're not ever in this by yourself. The franchisees of The UPS Store network are great.

Heidi Morris

Franchisee, Colorado

The thing I enjoy most about being a The UPS Store franchisee is I get to get up, go to work and know that I'm helping other business owners succeed in what they're doing.

Bob Brown

Franchisee, Tennessee

Owning a The UPS Store franchise has changed my life because it's finally given me the opportunity to engage my customers and my staff and be able to take real pride in what I do. As a franchisee, we get faced with solving peoples' problems every day and we do everything we possibly can to try to help.

Marie Jensen

Franchisee, Oregon

My favorite thing about The UPS Store is the variety. I love the variety of customers, I love the variety of services; getting to know the customers, meeting their needs, finding out how we can help them accomplish what they need to accomplish and seeing how happy they are. That makes me ecstatic.

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Tad Mollnhauer

Franchisee, Florida

With the products and services that The UPS Store provides we can make a difference in people's lives and that is the best reason for being a The UPS Store owner.

Joy Batchelor

Franchisee, Idaho

What makes being a The UPS Store franchisee worthwhile at the end of the day is the customers. The customers treat us like we're family.

Paul Erchinger

Franchisee, Texas

One nice benefit of owning a The UPS Store franchise for me has been that it gives me the opportunity to be more involved in the community. As I make relationships with others it seems like no matter what the environment is, in one way or another business comes out of that and that's not my objective—it's been a secondary benefit to being involved in the community.

Chris Reminder

Franchisee, Ohio

There are several things that I really enjoy about being a The UPS Store franchisee. First and foremost it allows me to get to know the people in the local community and that is a lot of fun. We get to see people on a regular basis. We get to know their life stories. That's a lot of fun.

Bruce Jones

Franchisee, Kentucky

Since we have joined The UPS Store, our life has changed by just having more time to spend together as a family. We've been very fortunate with the stores that we have and we have a great staff that looks out for our best interest and we look out for theirs.

Lonnie Williams

Franchisee, Oklahoma

What makes The UPS Store so successful is it gives each individual an opportunity to grow with the network and just meet the challenges that are brought to them on a daily basis. Every day gives us a new opportunity to help another person, to help another small business, to answer a question and to solve a problem.

Jeff Graham

Franchisee, Alabama

I love my customers. I love my employees. I love every person, every face that comes into my store. I enjoy every day going into work and I can't see doing anything else for the rest of my life.

Stacie Stigar

Franchisee, Alaska

I think that this franchise is so successful because of all of the resources that are available to us as center owners—we have marketing materials, we have so many different opportunities for help from the home office, and it just really makes for a great franchise.

Don Pollard

Franchisee, New Jersey

I think the thing that makes this franchise successful is a number of things. First of all we have an outstanding system, we have a great product, a great brand, and we're able to attract dynamic people to run these centers and run the business. So I think when you put all that together it really provides for a winning combination.

Mary Ellen Nichols

Franchisee, Tennessee

The thing I love about the franchise is that you have the UPS name backing you but yet you also have the autonomy to make your own decisions to promote.

Laura Griffin

Franchisee, Florida

In the eight short months I've owned my The UPS Store it has really changed my life. I've gone from being an employee of someone else to being an employer of my associates. It's a big responsibility but it's exciting every day.

Sandy Scandrett

Franchisee, Wisconsin

Being a The UPS Store franchisee has improved every aspect of my life. It's very rewarding financially, professionally, and emotionally. I have a large number of regular customers who are really, really appreciative of everything we do.

Kristie Robison

Franchisee, Alabama

I would say owning a The UPS Store location has changed my life to where I have more time and flexibility. In owning your own business you get your store up and running and you get employees that you can trust that are going to help keep your store running. This allows me to attend my two boys' ball games and also travel and do things with them so it has really changed my life for the better.