If you are thinking of opening a business, a franchise is a great idea. It may be easier than starting your own stand-alone business because there is a tried and true system in place, and you will get to enjoy the benefits that come with that franchise’s name. However, there are some things you should know before jumping into this important decision.
Don’t Do It Alone
Even if you’ve owned a business before, you shouldn’t go into this new business venture alone. And you don’t have to. There are lawyers, such as Suzanne Cummings, who can help you through the ins and outs of buying a franchise. The internet, as always, is also a good resource, such as the FTC Guide to Buying a Franchise or this article that covers the basics of franchises.
Choose One That Suits You
Keep in mind that a franchise doesn’t run itself, and you should be well suited for all the work it will entail, otherwise you are just setting yourself up for failure. If you have never worked in food service then a chain restaurant might not be a good option for you. And, obviously, if you hate the idea of sales, make sure that the franchise you are considering doesn’t include sales at all.
Do Your Research
Just because a franchise looks like it’s successful doesn’t mean it doesn’t have its problems. Do some homework – ask to speak with franchisees to see what they have to say about what they went through buying their franchise and what they’ve been through since they started.
Buying a franchise might be a great idea, and it may seem like it would be a much safer idea than starting a business from scratch. Just make sure you do your homework and get some help if you need it.