For many people, investing in a franchise is much more than a business decision – it’s also a lifestyle decision. Buying a franchise is much more than considering well-known brands and signing on the dotted line for a popular chain store.
- Make sure that the industry that the franchise is in, is intriguing to you. If you’re walking away from a nine-to-five desk job that bores you, you want to be sure that the industry you are entering is something that you can be passionate While you don’t have to be an expert in the field, you need to show genuine interest in the sector.
- Another step to finding a franchise that is a good fit for you is by knowing your strengths and weaknesses in business. What type of involvement do you want with your support team? What hours do you enjoy working? What type of managerial duties do you enjoy? These are some self-reflective types of questions that you should be asking yourself.
- After you’ve narrowed down the industries that you would like to invest in, it’s time to reach out to franchise businesses in this industry. Establish if there’s a market for their products and services in your area. Speak to franchise owners to learn more about their experience owning a store or business.
- There are several costs involved in buying a franchise, such as upfront fees for store layouts, monthly franchise fees, royalty payments that you will have to make and advertising contributions. Crunch the numbers to find out what makes the most financial sense to you.