Questions to Ask Yourself Before Investing in a Franchise
Think that a franchise opportunity it right for you? Before you invest in a franchise there are some questions you should ask yourself to see if a franchise is a feasible option for you.
- How much do you have to invest?
This question applies to money, but also to time. Every franchise comes with a franchise fee, which makes it easy to know how much money you need. What it does not tell you is how much time you will need to spend running this business. Take time to consider how much money and time you are willing to invest.
- Do you have a territory in mind? Is it available?
If the franchise you are considering has protected territories (which it should), make sure that the area you want is available. Make a list of potential areas that you would consider, just in case your first choice of territories is already taken.
- Are you interested in a particular industry?
If so, is it an industry that you have worked in or one that just interests you? It may be beneficial to have previous industry experience, but not necessary to be successful.
- Do you have the skills for the business? If not, does the franchisor provide training?
If you are switching businesses or industries, it is very important to know that the franchisor will take the time to train you. Ask yourself if you have any previous knowledge or skills that may help you in the franchise you choose. Also, ask yourself if you are willing to take the time out to train.
- Are you willing to embrace the franchise’s business model and systems?
Are you the type of person that will abide by someone else’s rules? To be a franchisee, you must be able to take direction from someone else on every part of your business. If you are not a person who can give up most creative control, then franchising may not be the right option for you.
Once you have asked yourself these questions, make a list of things that you want to ask the franchisor. Make sure to include questions on training and support and anything else you may need to know about the business. Choosing to start a franchise is a big decision, get as many details as possible before making a final decision.
If you are interested in a home care franchise, Executive Care has territories available. For more information about franchise opportunities, please visit https://franchise.executivehomecare.com/