FINDING THE PERFECT FRANCHISE OPPORTUNITY
When shopping for the right franchise opportunity there are lots of things to be considered. Some obvious, some not. When looking for your perfect franchise some of that perfection is going to be what they see in you just as much as what you see in them, and youshould keep the following things in mind.
1. Your Current Financial Position
Few things could be more important when starting any business or franchise. How much money are you able to invest? Some franchises require little more than the investment of just a small franchise fee while others require franchise fees, real estate investments, stock and other asset purchases, large staffs to hire, etc. The amount you have to invest will play a large role in what franchise most people choose.
2. Your Sustainable Financial Position
So you just invested all that money in your new franchise - now how long can you survive before you expect your new business to start paying you back. To some, a near immediate cash flow to live on is critical while others are able to wait months and even years before their investment is actually putting cash back into their pockets.
3. Your Desired Business Type and Model
You would probably be amazed at the number of happy and successful franchise owners who initially started looking at franchises thinking they wanted to own a fast food franchise yet after serious research ended up with something like a cleaning franchise! Everyone has certain industries they think they would love to work in and that's understandable, but you should keep any open mind there. Don't get your heart set on being the proud owner of a certain brand and end up forcing a square peg into a round hole while overlooking more realistic and feasible business opportunities. Absolutely seek something you think you will love doing, but keep an open mind as well.
4. Your Desired Geographical Location
Simply put - some franchises may be eager to open a new franchise in your desired area, while others may not. Some may already have too many franchises in your area while others may not be completely confident in your desired area's population or demographic. On the other hand some franchises may be foaming at the mouth for the opportunity to do business in your area.
5. Your Experience
What have you done in the past and what are you good at? Or are you sick and tired of what you've been doing and ready to take on a whole new trade? Some franchises are looking for people with very specific sets of skills and experience while others actually prefer training them from scratch.
6. Your Role In The Business
Are you looking for a business that gives you a day to day job or are you simply looking for sound investments to that put others to work? Or both? Critical questions here as this will certainly vary from opportunity to opportunity. Some franchises demand that you own and operate your franchise while others allow you to be an absentee owner.
7. Your Long Term Goals
Are you looking to own and operate this business for many years to come or just get it up and running then sell it to another investor? Do you see yourself owning one single franchise or do you have your sites set on owning several franchises across your state or region? Again - situations where some franchise opportunities fit in better than others.
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