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Selecting a Franchise System |
Before You Select a Franchise System: Before you invest in a particular franchise system, think about how much money you have to invest, your abilities, and your goals.
* Do you need a specific annual income?
* Are you interested in pursuing a particular field?
* Are you interested in retail sales or performing a service?
* How many hours can you work? How many are you willing to work?
* Do you intend to operate the business yourself or hire a manager?
* Will franchise ownership be your primary source of income or a supplement to your current income?
* Do you get bored easily? Are you in this for the long-term?
* Would you like to own several outlets?
Your Investment
* How much money do you have to invest?
* How much money can you afford to lose?
* Are you purchasing the franchise alone or with partners?
* Do you need financing? Where’s it coming from?
* What’s your credit rating? Credit score?
* Do you have savings or additional income to live on while you start your business?
Your Abilities
* Does the franchise require technical experience or special training or education (for example, auto repair, home and office decorating, or tax preparation)?
* What special skill set can you bring to a business, and, specifically, to this business?
* What experience do you have as a business owner or manager?
Your Goals - Write down your reasons for buying a particular franchise:
* Do you need a specific annual income?
* Are you interested in pursuing a particular field?
* Are you interested in retail sales or performing a service?
* How many hours can you work? How many are you willing to work?
* Do you intend to operate the business yourself or hire a manager?
* Will franchise ownership be your primary source of income or a supplement to your current income?
* Do you get bored easily? Are you in this for the long-term?
* Would you like to own several outlets? |
