You’ve decided that buying a franchise is the way to go. Now what? Before you choose a franchise, think carefully about what it is exactly that you want to get out from it.
Questions to ask yourself
- Why do you want to become a business owner and/or franchisee?
- What are your skills? How could you apply these to your new business?
- What are your lifestyle needs? Do you consider time spent with the family as important?
- What type of location would you prefer? How far are you willing to travel?
- Are you financially ready? Do you have the necessary investment and cash flow requirements?
Dig deep to really understand what it is that you want from a franchise business. Considering these answers now could save you from making an impulsive decision that might not serve your needs in the end. Buying a franchise simply because it is a well-known brand and someone told you you could make a fortune quick, will end in business failure. Do extensive homework into what type of franchise opportunities are available and narrow down exactly which type will suit your own specific requirements.
Investing in a franchise will be one of the most important decisions you will make. Make sure that you are going in with your eyes wide open and with all the facts to make an informed decision. Once you have established the facts, visit the franchise options to see whether they will be a good fit for you. Get in contact with the existing franchisees and see what they have to say about the franchise. Take your time deciding – it will be the best decision you’ve made so far.