Is a franchise right for you?

Many people flirt with the idea of starting their own business but are put off by the unromantic realities of the challenge.

Buying a franchise offers more stability due to its proven track record, name recognition, financial backing, and hefty marketing support. If this appeals to you, here are a few initial points to consider.

Research

Different companies have different requirements for hopeful franchise owners, potentially including signing up for extensive training programs and an upfront franchise fee.

It’s wise not to spend too much time on a particular franchise opportunity until you’ve confirmed that you fit all its parameters, and the broad terms of a potential contract are agreeable to your situation.

Personality

Not everyone is well-suited to be a franchise owner. Like most ventures, it requires hard work and dedicated commitment, but you may also have to follow an extensive set of rules.

If you’re already chomping at the bit to implement your own business ideas, or are turned off by stringent restrictions, operating a franchise is probably better left to someone else.

On the other hand, if you love the brand and atmosphere of a particular store, want the support of and to contribute to a community, and aren’t thrilled about the marketing side of running your own business, franchising might be the perfect fit.

Speak to other franchisees

It is highly recommended that you speak with other franchise owners and ask them what it’s like to run the business. Ask them about their typical day and if they are satisfied with the support they receive from the franchisor.

Create a business plan

If you’ve done your research and confirmed that being a franchise owner is right for you, it’s time to come up with a business plan. Lenders will expect to see a formal write-up with well-thought-out projections and a compelling argument that you’ll ultimately be successful.