Do I understand and accept the responsibilities of owning my own business?
Franchisors do provide proven systems, training and support. However, the franchisee must implement these systems and manage the business. This will mean investing their time and energy to ensure their success.
How to select the correct franchise? Session 1
How to Pick the Best Franchise for You! Franchise Frank Training Course?
Do I have family support?
Family members must know and accept the demands that business ownership will entail. Have them involved in every step.
Will I enjoy my business?
Consider your role in the business, how it would look and its growth potential. Think about the hours and days the business would be open, how many employees you would want and who your customers would be.
Am I willing to follow the franchiser’s system?
You are investing to be a part of a franchise. Your investment buys a brand name and standards to ensure your customers will experience the same high-quality experience in every unit of that franchise. Be very familiar with what the franchisor provides and ask yourself if you are willing to follow their procedures. If not, do not make an investment in a system you will not use.
Do I have the personal attributes to be successful?
Talk to successful franchisees in the business you are considering to determine whether you have similar qualities, such as being outgoing or highly organized.
Can I afford the franchise?
Be conservative. Businesses sometimes fail not because they are unsuccessful, but because the owner ran out of money before they became profitable.