Are You Ready? Five Personal Questions to Ask Yourself Before You Buy a Franchise
There are many questions you should ask before investing your money on a franchise. I’m not talking about questions you ask the franchisor, although that is a very important step. I mean questions you should ask yourself. Before you delve into a new business venture and put down a ton of money, you should be absolutely sure that you are ready to be a franchisee. Here are some personal questions you should ask yourself before you buy.
1. Is my family in agreement with my decision to buy a franchise?
Buying a business is a costly decision, and one that should be agreed upon by your spouse or other close family members.
2. Am I ready to handle the emotional and physical strain of operating a franchise?
When you first launch, you may face long hours and hard labor, with very little profit.
3. Will I be able to work long hours until my business is running smoothly?
In the beginning, there may be very long days; days where your family sees little of you. If you have young children at home, you may have to evaluate whether or not it is realistic to be out of the home for so long.
4. Can I hand over some of the control to the franchisor?
While owning a franchise is essentially owning your own business, you are still at the mercy of the franchisor in many ways and must submit to the Franchisor’s rules.
5. Can I see myself doing this long term?
Buying a franchise shouldn’t be a short-term thing. Is the business something you see yourself doing, possibly until retirement?
Have I talked to my friends and family about this venture? Before going all in, talk to those closest to you and ask for their honest opinions. Do they think it is a good business idea? Do they see you as capable, emotionally and mentally, of running a business?
Buying a franchise is a huge investment, and you need to be prepared personally before you commit.
Written By Brad Denton
40 N Central Ave #1400
Phoenix, AZ 85004
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