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If you are looking to buy a franchise, then ask yourself these questions to decide if a franchise is the right one for you.
1.Can I see myself running this type of business?
This is the first and best question to ask as you want to be able to do the work of the franchise. Even if it is a larger business that will be managed, could you jump in and help out if things are busy or if your manager leaves? Don’t just buy a franchise for earning potential, you need to be able to run the business and enjoy it!
2. Can I make more than enough profit?
Even if you love the ‘idea’ of a business, can you earn the profit you need to support yourself and your family? Don’t just look at the potential work/life balance, look at the earning potential. Remember to allow time to get your business up and running and don’t get carried away with how much you can earn, look at it realistically.
3. Will the franchisor support you?
The very reason to buy a franchise is to learn from those that have gone before you. To be in business for yourself, but not by yourself. What systems of support does the franchisor have and how can they help you build and grow your business?
4. Does the franchise have a conference?
If a franchise group goes to the effort of putting on a conference and getting their franchisees together, then this is a good thing for you. If you can get together with the other franchisees and ‘talk shop’ at least once a year, then it will help you to build your business. It also shows another level of support.
5. What is included in the initial franchise training?
The training should be a minimum of 5 days long to cover all that you will need. Do they give you business training as well as technical training? Do they give you practical as well as theory training? This is the launch pad to your business, so make sure you are joining a group that values you and your future business to put in the effort up front to have you ready to start your business.
6. Do you like the franchisor?
When I speak to franchisees, I ask them what was the final thing that helped them make the decision to join the franchise? Nine times out of ten, it is because they liked the franchisor and the head office team. They could see that they were good, honest people that were going to help them.
7. Are you ready to be in business?
Business is simple, but it is not easy. Even if you are joining a franchise, you are still the owner of your business. You will have to do the marketing, gain the sales and run the business day to day. Don’t think that the franchisor is going to find all your customers for you – you will have to do the work to make your business happen. Franchises are just a business like any other. The advantage is, the franchisor can point you in the right direction and speed up your ability to succeed in business. But remember, it is your business and you have to run it!
In the end, no matter which franchise you decide to purchase and join, it will take a leap of faith to make that final decision. You will have to back yourself and give it a go. You will know in your gut if this is the right decision for you, because even if it scares you, if it also excites you, then maybe it is time to make the leap!