There are many reasons why you want to start a franchise. You’re looking to leave your job and finally be your own boss. Or maybe you are in career transition and you feel a business is the next step. Or, possible you currently own a business and you want to expand or try your hand at something else. Regardless of your reason for wanting to start a franchise, you’ll come to the point on how to decide with franchise is right for you to buy.
At a minimum, you’ll want to look at these considerations when deciding which franchise to invest.
1. Is the franchise total investment within your range?
2. Is the potential revenue and cash flow able to meet your requirements?
3. Do you see yourself owning this type of business?
4. Do your values align with the mission and values of the franchisor?
5. Is your family or other stakeholders in favor of this decision?
6. Are you confident in your abilities to follow the system provided by the franchisor?
If you’ve answered “yes” to all of the above, then you have a pretty solid choice in selecting a franchise. If you even had one “no” you should strongly consider another franchise. Having 5 out of 6 that are “yes” normally wont compensate for the one “no.” You’ll want to be completely confident in your decision, and by not compromising on any point, will only set you up for success.