Is a Franchise right for you?

posted on March 15, 2011

Is a Franchise Right for You?
Before you go ahead and invest in a franchise, you want to sit down and be honest with yourself. You need to think about how much money you have to invest. Just as importantly, you should assess your personal skills and abilities. Finally, you need to determine what your goals and expectations are in owning your own franchise. 
 
In particular, you want answers for the following:
Finances
·         How much money do you have to invest?
·         How much money can you afford to lose?
·         Are you purchasing the franchise alone or with partners?
·         Do you need financing? Where will you obtain it?
·         What’s your credit rating?
·         Do you have any savings or additional income to live on while you start your business?
Abilities and Skills
  • Does the franchise require technical experience or special training – ie. Auto repair, home and office decorating, tax preparation?
  • What are your special and specific skills that you possess?
  • What experience do you have as a business owner or manager?
Franchise Goals
  • What is your personal minimum income requirement?
  • What types of businesses are you interested in pursuing?
  • How many hours do you want to work?
  • Do you intend to operate the business yourself or hire a manager?
  • Will franchise ownership be your primary source of income or a supplement to your current income?
  • How many years can you commit to a business?
  • Would you like to own several outlets?
 
If you think a franchise might be for you there are many to choose from.
 

Author: Dena Largent

Categories: B2B, Business, Consulting, Entrepreneur, Marketing and Advertising