Written by Efranchisesale Staff Thursday, 26 August 2010 12:02
If you are looking to start a new business, franchises offer the excitement of a start-up without all of the uncertainty. Because a good franchise system has already been successful in other areas of the country, your risk as an investor is minimal. However, with such a wide range of business models to choose from, it makes sense to start your research by consulting a comprehensive directory of franchises.
A franchising directory will allow you to search by price range, industry, and geographic area. By asking yourself some important questions up front, it is easy to use the franchise directory as a way to narrow the playing field of potential businesses.
Before starting your search on a directory of franchises, be prepared to answer the following questions:
- How much money can you afford to invest?
- Will you be purchasing the franchise yourself or with a group of partners / investors?
- Do you have enough savings to live on while your franchise ramps up?
- What skills do you have that would fit with a franchise business?
- Will you require any technical training or education before starting the business?
- What type of experiences have you had that would be useful to a franchise?
- How much income do you need from the franchise?
- Will the franchise be your primary source of income?
- How much time are you able to invest in the business?
- Do you envision yourself running the business or hiring a manager to do it for you?
Remember, while there is less risk involved in a franchise than with many other types of start-ups, being successful in a franchise still means buying the right business at the right time. Starting your research with a directory of franchises will help make a more educated decision before embarking on a new business venture.