Figuring out what you want from investing in a franchise could be the most efficient way to shortlist some franchise opportunities during your franchise search. Knowing how the franchise investment will impact you and those around you could help you make the decision to sign on the dotted line.
So grab a pen and paper (or your preferred tablet), and start looking in the mirror. Because it all starts with you.
Personality & Character
Franchisees are required to follow a specified set of rules and occasionally take directions from the franchisor. If you find it difficult to follow someone else’s rules and accept the discipline of a regulated system, perhaps acquiring a franchise isn’t the best fit for you.
Interests & Preferences
People often make purchase decisions on what they like, or at least within their financial ability and in line with their preferences. Starting your franchise search with the industries that you have an interest in could lead to an easier first step compared to a situation where you have no idea what you are looking for.
Goals & Objectives
Working backwards, determine what your realistic financial and lifestyle ambitions are at the end of a specified time frame (i.e. 5 years, 10 years, etc.). By knowing your end goal, you can quickly eliminate franchise concepts that are unable to support your long-term objectives.
Most people go into business expecting success but the end result isn’t always positive. So determine your level of risk tolerance or in a worst case scenario, figure out how much of your assets you are willing to put on the line with an acceptable level of loss. Taking one step further, look at how the impact of this potential financial loss could affect those around you (i.e. family, child, etc.).