Becoming a part of a franchise is an exciting opportunity and
an option that continues to grow in popularity. Over half of all
Americans want to be their own boss. In fact, one out of every
twenty-five adults is attempting to start a business. Five
million people started a business back in 1995 and a little less
than forty percent of all households are involved in some way
with small business. If you are ready to join the ranks of these
business owners, there are a few questions to ask yourself before
you get started.
Do You Have What it Takes to Own a Franchise?
Opening up a business is not easy. There is a lot of risk
involved and there is a chance for failure. Are you prepared to
handle both the stress and risk involved with this type of
decision? From there, think about whether or not you will be able
to follow someone else's guidelines and rules. Being a part of a
franchise means sticking with the already established
Consider whether or not you have a desire to learn new skills.
The decision to start a business means that you will constantly
be learning new things and always striving for improvement. Can
you handle always needing to learn more and always working to
improve your knowledge and the knowledge of your employees?
Finally, are you going to be able to keep your financial records
and reports open for someone else to look at every single
Do You Have All the Information?
Before you take on any risks, you want to make sure that you
have as much information as possible. Part of being informed
includes looking into other franchises and making sure that you
are choosing the right path. Once you have made your final
decision, it is time to really do some research on your franchise
choice. Have you checked with the International Franchise
Association? Have you researched the Franchise Advisory
The more information you have, the better. If you have
questions, ask them. If you aren't sure that you are ready to
take on the responsibility, it is okay to hesitate on your
decision. Continue to research and investigate all of the details
until you are comfortable making a choice.
Can You Afford to Open a Franchise?
While you might have some general idea of what it costs to
open a franchise, are you sure that you have enough money?
Calculate how much money you will need to cover the franchise
fee, the cost of a location and all of the necessary equipment.
Ask yourself how much you will need to hire employees, advertise
and take care of your customers. Get an idea of exactly how much
money you will need to get your franchise open.
Aside from the business end of things, do you have enough
money to support yourself and your family for a year? Opening a
business means that you are dedicating a majority of your time
and finances to work. Make sure that you will be able to take
care of your personal life.
If you feel that you have answered all of these questions
positively, go ahead and get started, looking into your preferred
This article appears in: