You have made the decision that buying a franchised business is the best way to become a business owner. Now you just need to choose which franchise is right for you. But that is no easy task.
There are thousands of options out there and narrowing it down to the one that will make you happy can be tough. That is where a professional franchise consultant can come in handy. But there are a few questions you should ask yourself first before you get started.
What am I looking for with Business Ownership?
When you first decided that business ownership was the right path for you, how did you picture it? Were you still at your job and working your business on the side? Was your new business your full-time gig? Were you working from a brick-and-mortar location or working from home? Did you have employees, or were you working alone?
If you can answer these questions, then you are off to a good start!
How Much Money Can I Invest?
Like any business venture, buying a franchised business will require an investment. You should know exactly how much you can afford to put into your new business. But also know that there are a variety of financing options out there (that is another area the franchise consultant can help with).
How Much Time Can I Invest?
Not only will your new business require a financial investment, but it will also require an investment of time. Are you looking for a 40-hour work week, or are you willing to put in as much time as it takes to make your business a success?
You may be buying into a business that has great brand recognition and a terrific track record of success, but the time required to make any business work can be monumental. Your ability, and willingness, to put in the hours is a huge part of the equation.
Is My Family on Board?
If you have a family, this is a decision that can involve all of them. Will they work the business with you? If not, are they okay with the hours you will spend building your business instead of being with them?
Becoming a business owner can be give you more freedom than you have ever imagined, but there are some realities you need to consider. One of them is how it affects your personal life—particularly in the early growth stage. So just make sure everyone is on the same page when you make the big decision!
How Patient Am I?
The process of finding the right franchise, getting answers to all your questions, tracking down financing, signing legal documents, and, of course, going through the franchisor’s vetting process, can be overwhelming. You need to make sure you are patient as you go down this path. But just imagine that day when you are open for business!
These are just a few of the questions you need to ask yourself before you begin the search for your new business. As we said before, consulting with a franchise professional can be the best way to move forward. They will make the entire process easier, and it will not cost you a cent.
Franchise Matchmakers is a team of franchising professionals that are dedicated to helping people explore business ownership as a career path. Contact them at info@franchisematchmakers.com to find out more about franchising options that are perfect for you.
