How to know if you are ready to buy a franchise
Are you looking for sign so you’ll know you’re ready to buy a franchise? While not an eerie series of coincidences or a bolt-up-in-bed flash of inspiration, there are some signs that indicate you’re ready to make the move.
To be franchise ready you need to:
First – you have the right mindset
You are itching for something new. Have you been complaining more than usual? Not feeling enthusiastic about going to work? Sick of working for someone else? At one time these feelings were common to almost all new franchisees. Frustration in their current job and a desire to be more in control is one of the main reasons people consider the franchising option.
You can play by the rules. While owning your own business puts you in control, the nature of the franchise system also means you are part of a team. You will have autonomy in some areas of the business, and rules to follow in other areas. Being a success franchisee means knowing when to walk your own path and when to tow the line.
You’re ready for the responsibility. Working for yourself, even with the backing of a franchise behind you is a big change from being an employee. There will be staff, suppliers and landlords to be paid, customers to be accountable to and your own financial future to worry about. It’s a lot of responsibility but the rewards are worth it.
You’re willing to learn. Franchise businesses are generally tried and true. They share a formula that is proven. As a new franchisee, no matter how much you know about a product, service or business, there will be lessons about the business to learn.
Second – your ducks are in a row
You’ve done your research. You understand the franchise system, you know what lifestyle changes may be required, you know your own strengths and weaknesses, and you have the support you need in place. Take time to research thoroughly. Use the experts – lawyers, accountants, business brokers – and talk to other franchisees to find out what it’s really like and to identify any pitfalls or potential challenges early on.
You have the money. That includes finance to make the purchase and enough working capital to keep things ticking over at home and in the business during the early days.
Most important is to be honest with your budget. No one likes surprises when it comes to business finances.
If all these signs apply to you, then congratulations, you’re ready to buy a franchise
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