Credit: A franchise search is understandably a long and thorough process. Before you make such a big commitment, you have to be absolutely sure you've found your perfect fit. Check out the following basics of a franchise search to ensure you've got your foundation bases covered.
Know Your Finances
There is no point in looking at franchises you can't comfortably afford. The last thing you want to do is start a new business while stressing over money, so whatever you decide to go with has to be something you can handle financially.
Take realistic stock of your finances and what you can afford to invest. Be completely honest about your financial state, and be sure to exclude things that you will lose once you start your business, such as your current full-time job income. Once you set a maximum investment level for yourself, you can focus on business opportunities that are viable for you.
Take Stock of Yourself
Do you prefer emails or face-to-face communications? Are you strong at marketing or better and more comfortable behind the scenes? Do you want to lead a team from the outside or the inside? You'll need the real answers to these questions and many more for your franchise search.
Your success partly relies on connecting with a franchise that speaks to your strengths and preferences, so you'll need to do an honest evaluation of yourself. If you don't like marketing, for example, a franchise that involves a lot of marketing on the ground by franchisees isn't a great option for you. Use what you discover to help guide you during your franchise search . Eliminate opportunities that don't highlight what you're good at or involve things you'd rather not do.
Look at Your Personal Life
Don't forget to consider your personal circumstances when you're beginning your franchise search. Your personal and family life will be impacted by your new business, and you need to determine what you can handle. For example, the level of hours you'll need to put in varies by franchise. If you've got a lot of family commitments, a franchise that fits all your other criteria but will require long hours might not be the smartest choice.
Take your time and seek the advice of professionals when you search for a franchise opportunity, and be sure to consider all the aspects covered above.
Visit FranchiseExpo.com where you can search for opportunities by industry, investment level and area while researching the franchise industry as a whole using its free resources.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
