So how’s your research of franchise opportunities going? Are you finding viable businesses for sale? Are you able to unpack online businesses – separate the wheat from the chaff?
If you have requested information from a number of different companies you may be getting inundated with e-mails and phone calls. Don’t let that scare you. There are many different franchise opportunities and you probably want to pick out a couple that interest you the most to start investigating.
What I recommend is that you research two or three companies as you start out to get a feel for the process. Although the process takes time, you should really try to do the proper due diligence to make sure it’s the right fit before you discard the idea. One thing that has helped others in the past is this list of questions. As you answer them, you may find out more about what you are really looking for in a franchise.
1) How does this business fit the lifestyle I want to have?
2) How big do I want my business to get (staff size, income, etc.)?
3) Do I want employees/subcontractors?
4) How many hours do I want to work each week?
5) What is the job description of the owner?
6) How will I cover my expenses while I ramp up the business?
7) How will going into business for myself affect my spouse?
This is just the start of your journey, There will be more questions to ponder in the near future. You want to choose a business that fits your lifestyle and gives you the potential to meet your life and career goals. It is also important to note how family and friends feel about this new venture. If they can move past the initial angst that comes with the idea of starting something new, they can provide you some clear insights to your own personality and in what kind of business you might excel.