6 questions to ask yourself to determine what franchise is right for you
1. Would you like to work from home or go to an office/retail location?
Once you determine what type of working environment you will be happy and productive in you will be able to pare down your search. Many franchise directories categorize the type of franchise by industry or environment (work from home) so you can dive right in.
- Would you continue to work your current job or would you be full time with the franchise you buy?
There are many opportunities to invest in that will allow you to continue to work your current job and operate a franchise as a part time or absentee owner. Of course operating a franchise as an absentee owner would require commitment up front to hire the right person to run your business. Take your time selecting this person and make sure they share your goals for the business.
- Would you like to have direct interaction with your businesses clients/customers?
Determining if you enjoy interacting with the public is an important factor in building a happy future for yourself as a business owner. Be honest with yourself – it’s ok if you don’t want to interact with your customers just as long as you choose a business that will not require this or you hire someone who is good at customer service and is responsible for keeping your customers happy.
- How much money do you have to invest? Would you be going into business with a partner enabling additional investment funds?
Outlining how much liquid capital and total capital you have to invest is one of the best places to start. You need to be logical about this. Don’t worry about limiting your choices at this stage -- most investment ranges have many opportunities to choose from.
- Do you enjoy managing employees?
Some businesses for sale don’t require that you have any employees. These concepts include direct selling or consulting companies, as well as many service franchises for sale that you can own and operate yourself. Of course the way to really making money is to continue to invest in more locations (if you’ve become successful at your first location) but if you are looking to get out of your current career situation and you have modest expectations of earnings, a one location owner operator set up with no employees maybe just for you.
- How long do you plan to be in financial 'start up mode' with your business?
When you determine how much money you and your partner(s) (if applicable) have to invest start to consider how long you will be able to live without making money. This is another important element of your financial plan. When researching businesses ask how long it typically takes to get started and learn about the companies ‘earning claims’ so you can understand what it will take to be as successful as you need to be. The start up period of a business can vary widely and is dependent on things like brand awareness, location, customer demand and type of service or product. Giving yourself the chance to really succeed is important. This can take time.
Posted by kemag at 8:53 AM | Link | 0 comments
