Buying a franchise is a great option for those leaving a corporate career with great management skills, a good knowledge of finance, good people skills, and an entrepreneurial spirit who want to hit the ground running! A well-chosen franchise can accelerate the pace at which you achieve cash-positive business. On day one, you can own a trusted brand, with good marketing, and well-honed procedures that take some of the risk out of buying or starting a business, a real consideration at this time in your life. Whether you have just begun to explore the idea of purchasing a franchise or have already determined that this is what you want to do, the information on these pages will help give you clarity and direction.
10 yes/no questions to help you determine if this is a good direction for you
Does buying a franchise work within my financial plan?
Do I have the funds for the initial purchase price, inventory, and working capital, or do I have access to a source of funding?
Am I prepared to run the business according to predetermined operating procedures?
Am I and/or is my family ready for the time commitment that purchasing and running a franchise will make on our personal lives?
Am I comfortable with risk?
Am I willing to do the due diligence required to make an informed decision?
Am I good at recruiting, managing, mentoring, and developing people?
Do I enjoy sales, marketing and business development activities?
Does owning a franchise fit with my long-term life plan?
Do I have a clear exit strategy so I can select a franchise that supports it?
Here are questions and answers that address common issues and concerns for those interested in buying a franchise.
Assess this option against the following eight criteria: