Without a doubt, buying a franchise is a big decision, and often times choosing the right business for you can be overwhelming and difficult. Not only will it determine how you spend your days, it will also impact your finances dramatically.
6 important things to consider when you are planning to buy a franchise
Happy franchisees – It may seem like common sense, but one must consider a business with happy franchisees. Many people don’t talk to people who are working within the franchise when they are scoping out a potential franchise to join. Well, you should. It is also important to note the following: Does the lifestyle they lead appeal to you? Do they feel financially secure? Are they well supported by management? Are they happy and satisfied with their franchise business? These are all questions worth asking.
Brand familiarity and trust – It goes without saying that one of the greatest advantages of joining a franchise is that it is a known brand that consumers recognise and trust. Choose a franchise that has a great reputation; or if the brand is lesser known – ask to see what plans, visions, and goals do they have.
Solid training and support network - Talk to other franchisees and find out about the systems in place. A good franchise will have an existing training induction, as well as ongoing support for the franchisees. It is a fine balance to strike for franchises – giving their franchisees the freedom to own their own business and work independently, while still providing support when it is needed.
Demand – Think about a franchise that will stand the test of time, providing a product or service that people consistently buy. While trend-based franchises may run red hot initially, there is always the risk they will fall out of fashion -- leaving you with a franchise that has low return and is difficult to sell.
Appeal - You're going to be working this job, day in, day out, for (possibly) years to come. You'll invest a lot in the franchise; so don't be focused on only the money. This is something you're going to need to enjoy, so pick a franchise that brings you a feeling of excitement to get out of bed every morning!
Consider your strengths – the most important part of the whole franchise equation is YOU. What are your strengths? Are you a team player or solo worker? How do you feel about managing staff? If sales are a strong component of the job, are you comfortable with this? When it comes to the success of your franchise you are the most important piece of the puzzle.
Above all else, trust your gut! Once all these are taken into consideration, then you are ready to buy your own franchise business.
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