The time has come. You’ve decided to enter the business world. Fortune favors the brave and you’ve decided to throw caution to the wind and strike out on your own. You might feel slightly intimidated, but that’s completely normal. One of the best ways to start off in the business world is to enter the world of franchising. You’ll still be your own boss, and you’ll have a strong foundation to start with. But, how do you choose the one that’s ideal for you? That decision might seem intimidating, but it’s much easier than you realize. As a matter of fact, it’s just as easy as A…B…C…
A is for Alignment
One of the most important factors in choosing a franchise is that it matches up with what your goals are as a business owner. Remember—dreams are goals with deadlines, and fulfilling your business dreams with a franchise is well within the realm of possibility. Here are some questions you can ask yourself when choosing one:
- “Does this franchise align with my values?”
- “Will I be able to retire after selling this franchise in the future?”
- “Will I be able to employ my family members?”
- “If I open multiple locations, can I employ several people in the local area?”
B is for Budget
Budgeting is one of the most important aspects of any business. Before you consider buying a franchise, look at the entire scope of your income and make sure it’s within the realm of possibility. Include the following:
- Credit card statements
- Car loan/lease agreements
- Roth IRA/401K
- Savings Account
Understanding your net worth will allow you to narrow down your available franchise options.
C is for Contact
This is the hardest step. The key to any success is to be thorough and methodical. But the good news is you’re almost there. You need to seek out and contact the owners and operators of the franchise that you’re interested in. Don’t just do a quick google search. Two questions you should ask yourself during your search are:
- “Will this franchise make money?
- “Are there already too many of these franchises in the surrounding area?”
Franocity Can Help You Get There
While the world of the franchise can seem intimidating, Franocity is here to help you get the right business for you and help you succeed. Visit us online or give us a call at 561-609-6200 for more information!