1. Are you willing to do your research?
You will need to thoroughly research any franchise you purchase. This requires you read the Franchise Disclosure Document, which all franchisees are required by law to provide to potential franchisees, and talk to as many people associated with the franchise as possible, from its executives to its franchisees. Not only do you want a franchise with a good track record, but you want to make sure it’s a system that suits you.
2. Do you have enough capital?
Starting a business with a franchise offers you the great advantage of knowing upfront all your capital needs. Don’t forget to factor in what you will need to pay your cost of living until your business reaches profitability.
3. Are you determined to work hard to get your business up and running?
The start-up phase can be challenging as you learn the new business and your market. Can you stick with a problem and work through it until it’s solved? With all the support and expertise available through the franchise, you can be sure you’ll get all the help you need, but you have to be willing to put your shoulder to the wheel.
4. Can you call for assistance when needed?
While a franchise offers an experienced support staff to help you, it only works if you’re willing to ask for help when you need it.
5. Can you accept paying regular franchise royalties and other fees?
These fees are the price you pay for getting a proven system and support staff, as well as an advertising/marketing campaign, to help you become successful. If you might resent paying for this help down the road, a franchise isn’t for you.
6. Are you willing to trust the system to work?
The franchise system, perfected over many years, is the way this business is designed to operate. You have to follow the system to maximize your success. If any part of the system doesn’t suit you, don’t buy the franchise.
If your answer is no for two or more questions, a franchise may not be the best choice. But if you’re ready, there’s no cost to begin investigating, and you may find the business of your dreams just a click away.