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Asking The Right Questions: Franchising

Considering investing in a franchise? Ask the right questions to be sure you make all the right moves.

  1. What is my motivation? The most successful franchisees are those who decided to pursue business ownership as a way to better their lives – not in order to outrun a negative experience. Make a decision to become a franchisee because you feel it’s the right choice, not your only choice.

  2. What are my goals? It’s impossible to know what franchise success looks like without goals. Is financial freedom the end game? Is work-life balance the priority? Or is the most important thing that you feel passionate about your work? Chances are you may have goals in more than one of these areas but they aren’t equally weighted. A franchise consultant can help you organize your objectives and map your franchise search accordingly.

  3. What are my strengths? We encourage clients to take an honest look at their skill sets. For example, if you’re a natural salesperson you may be suited for a B2B franchise. If you’re not strong in operations you may not want to manage a large employee base. This important information will help tighten your focus on those franchises that play off your strengths.

  4. What are my financial parameters? Determine what you can afford to invest in franchise fees, how much capital you will need for operations, and how much you must make to cover living expenses. Understanding the full range of funding options – from small-business loans to partnerships and investors – may bring the dream of business ownership more within reach than you realize.

  5. What does the “ideal business” look like to you? You’re going to put a lot into your business, so make sure you like what you’re doing! How many employees do you want to manage? What’s your financial risk tolerance? What hours do you want to work? Is status important to you? There are plenty of franchise opportunities out there that meets your criteria..

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