Sunday, April 20, 2014
   
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Before you choose a Franchise System, Ask Yourself These Questions

Not all entrepreneurs are a good fit for franchising.  While there are many benefits to owning a business that is part of a larger system, there are many factors that can affect whether you are successful or not.  Before you decide on franchising here are some questions to ponder.

One of the most important questions to ask is whether a particular franchise system is right for you.  It may be tempting to jump right in and get started, but this is not a time for hasty decisions.  Before you start browsing the listings of “franchises for sale” or make an initial investment, it is important to do your homework.  Think about how much money you have to invest, and how well your goals and abilities match up to this business.  Only then can you make an honest assessment. 

 

Assess your Abilities
• Does this franchise require specific training or technical expertise? (i.e., computer repair, home decorating, or tax preparation)?
• What kind of experience do you have as a business owner or manager?
• What skill set can you bring to this business?
• Are you a people manager, a project manager, or both?

Assess your Goals
• Do you need a specific annual income?
• Do you get bored easily? Are you in this for the long-term?
• Can you get excited about day-to-day work in retail sales or performing a service?
• How many hours can you work each week? How many are you willing to work?
• Do you plan on operating this business by yourself or hiring a manager?
• Will franchise ownership be your primary source of income will it supplement your current income?
• Would you like to own several franchise outlets in the future?

Once you’ve answered all these questions, you should have a pretty good idea about the direction you want to take with franchising.  If you still think franchising is for you, then consult our Franchises FSBO Directory and start doing your research on the best franchise opportunities in your area.  When you search for franchises for sale by owner, you avoid hungry business brokers who are looking to make a commission.  Instead, you speak with the franchise operator directly. 

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