Before you buy a franchise, even before you start looking for a business you should first understand the type of person you are. Ask yourself some revealing questions. They will help you determine the right franchise opportunity for you.
What are your strengths and weaknesses? Do you have an outgoing personality? Are you good with people? Do you like a desk job or would you prefer being out and about? How do people react to you? Do you make friends easily? Do you get angry easily? What is your boredom threshold?
Once you have answered these questions then it is time to evaluate your finances. How much money do you have? How much money can you raise from family and friends? What is your credit score like? How much money are you prepared to risk on a new business? How much money can you raise through lending institutions?
Now you are ready to proceed to the next step. How many years are you ready to commit to the new business? What do you hope to achieve? Do you have any family members who will be prepared to help out?
The final step is to analyze your living expenses. How much money do you need to live? Are there any further predictable expenses on the horizon? Will you be able to manage with your current vehicle? What amount of risk are you willing to take?
If you are working from home, will you need a new office? What further equipment is required? How would you react without daily human interaction?
Are you looking for an established franchise where you will have to pay more for the franchise model? Or would you prefer a less established brand where the initial franchise fee is often lower but the risks are higher?
If you have answered all these questions then you are now ready to start looking at franchises that fit in with your requirements. The best place to start is by buying the latest franchise magazines. They have a lot of information on the latest as well as the more established franchises.
Another really good avenue for finding franchise opportunities and learning more about the franchise business is the internet. There is a wealth of information on the web. Just search for “franchise”, “franchise opportunity” or “business franchise”.
Once you have done the basic searches and know what you are looking for then it is time to refine your searches. As an example, you might search for “internet franchise” or “work from home franchise” opportunity.
Finally, the best avenue for finding a great franchise business is by attending franchise exhibitions. Here you can meet hundreds of franchisers face to face and ask them grilling questions. They will also be in ultra-competitive mode knowing that you have so much choice under one roof! You can also get free advice from lenders, franchise lawyers, accountants, and other experts.
Buying the right franchise for your personality means that you are much more likely to work harder and enjoy the business you are in. If you enjoy your work you are much more likely to succeed!