Let’s say that you are seriously looking into buying a franchise. So, where do you start? This is not an easy question since there are more than 1000 franchise concepts to choose from. I believe that one of the first tasks you should commit to is setting your personal priorities.
What are some of the questions you might ask yourself? Here are some ideas:
- Is there a specific industry I want to work in?
- Are there industries, products or services that I will not work with under any circumstances?
- Do I lean toward a product or a service franchise?
- Do I want a new or an established system?
- Do I want a large or small franchise system?
- How important is name recognition? On a regional or national basis?
- Will I be satisfied with one or two franchised units or do I want to own multiple units or develop an entire area?
- How much can I realistically invest in a franchise (money that does not have to be borrowed or raised elsewhere)?
- How much should the total investment be?
- Do I need to find a franchisor that offers a low-interest financing program or has an established third party financing relationship?
I’m sure you can add many more personal priorities to this list. The purpose of going through this exercise is to help you hone in on the franchise that is right for you.