This is a very common question and sadly, one that can never be answered with a degree of certainty. Why is this so? The answer is simply because we are all individuals, and what appeals to one person and works well for them can be a living nightmare for someone else in the same circumstances.
Some of us are good at communication so retail is a good choice, whilst a mechanically minded person may flounder in such an environment.
All too often, individuals abrogate the responsibility of answering this question to other people. We all have a good friend in whom we may confide, but are they qualified to really answer this potentially life changing question? What experience does your confidant have in this industry and franchising to which you are enquiring?
Our “Eddie the Expert” may have the best of intentions, but advice given on fourth hand anecdotal stories and unfounded opinions are dangerous in the extreme and usually highly unreliable.
So then you may turn to professional advisers such as Accountants or Solicitors who both, by training, tend to be negative and look for all the reasons why you shouldn’t proceed. At least their advice is generally well informed but in all my years I have never heard of such an adviser who said to his client “Wow that’s a great business go and buy it as fast as you can”. You need to balance their position with what you see as opportunity but it is a fool that proceeds against the strong advice of these professional advisers not to go ahead. So you will probably be faced with advice that may not be clear cut, there will be pros and cons, but it is YOU that must make the final decision.
Buy the business with your head and not your heart and dreams. Gut feel has a value but must be tempered by reality.
Entering any business is a risk so you need to look at worst case scenarios but if nobody in this World took risks it would be a stagnant and unattractive place. Sometimes you just have to go for it. A great friend of mine told me he didn’t want o go to meet his maker with “I wonder what would have happened if?” engraved upon his headstone. Food for thought…
Phil Blain, Franchise Alliance