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Guide To Buying A Franchise
Before Selecting A Franchise System
Before investing in a particular franchise system, carefully consider how much
money you have to invest, your abilities, and your goals. The following
checklist may help you make your decision.
- How much money do you have to invest?
- How much money can you afford to lose?
- Will you purchase the franchise by yourself or with partners?
- Will you need financing and, if so, where can you obtain it?
- Do you have a favorable credit rating?
- Do you have savings or additional income to live on while starting your
- Does the franchise require technical experience or relevant education, such as
auto repair, home and office decorating, or tax preparation?
- What skills do you have? Do you have computer, bookkeeping, or other technical
- What specialized knowledge or talents can you bring to a business?
- Have you ever owned or managed a business?
- What are your goals?
- Do you require a specific level of annual income?
- Are you interested in pursuing a particular field?
- Are you interested in retail sales or performing a service?
How many hours are you willing to work?
- Do you want to operate the business yourself or hire a manager?
Will franchise ownership be your primary source of income or will it supplement
your current income?
- Would you be happy operating the business for the next 20 years?
- Would you like to own several outlets or only one?
Selecting A Franchise
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