So, you want to buy a franchise. Congratulations! Franchising is a popular business opportunity that draws newcomer and veteran business owners alike with its balance of entrepreneurship, brand recognition, and parent company support. Franchises are also vital because they employ nearly 8 million Americans. And in 2018, they were responsible for putting more than $800 billion into the economy. But there are many franchises to choose from, each with its list of benefits. And that can make it hard to decide which one is best for you. Here are a few tips to help you choose a franchise that’s right for you.
Take a Look at Your History
Take into account your talents and experiences. What industry did you work in before wanting to buy a franchise? What industries interest you? Searching within your work history can guide your search and narrow down your sea of franchising options.
Look for Franchises That Align with You
Buying into a business that aligns with your values, beliefs, and overall vision for a business is crucial when choosing which franchise is right for you. Sure, you can make money at any franchise, but will you be happy? Taking time to ask yourself questions about the franchise helps you decide if the franchise is a good fit, but after you buy-in, it’s easier to promote your business to customers genuinely. A few questions to ask yourself about the franchise and its parent company include:
- Does this franchise have a mission, goods, or services that I care about or am passionate about?
- Am I willing to give up executive creative control?
- Do I relate to this franchise’s community members?
- Do I see this franchise as a partner?
Know Your Financial Capacity
When deciding which franchise is for you, you have to take into account your finances. Most franchises require that you have a certain amount of fixed capital available before taking you on as a franchisee. This amount can range from the thousands to the millions. The money is used for construction, equipment, and other items or services needed to open the business’ doors and keep it afloat as you begin making a profit. However much the parent company requires you have allocated to get started, we recommend saving double that amount in case emergency funds are needed.
Hundred Acre Consulting
If you’re interested in owning a franchise but are still struggling to figure out which franchising opportunity is best for you, our team at Hundred Acre Consulting will work with you to become your own boss.
Contact our team and let’s explore opportunities for entrepreneurship!