How to Choose the Right Franchise to Buy
Buying a franchise provides an excellent opportunity to make money. But how does a person choose which franchise to buy from the thousands available? Here are a few helpful pieces of advice:
1. Can you afford this particular franchise? Different franchises come at different prices. Look frankly at your finances before you decide to buy. If you can’t comfortably afford to make a purchase, don’t do it. You don’t want to start a new business with stressed finances.
2. Always choose a reputable and strong franchise. Look for one with an in-place marketing campaign that will help you attract customers from the beginning. Talk to other franchise owners to learn about franchisee support. You don’t want to be left out in the cold when you need help.
3. Be prepared to work very, very hard. You will be putting a vast number of hours into your new business, so be sure you choose something that excites you. Remember: you won’t just be owning a business, you’ll be running one.
4. Know that owning a business can mean a lot of ups and downs. Success doesn’t always come easily, even to a franchise owner with strong support. Are you prepared to weather the storm during the hard times?
Kevin D. Romney writes often on the subject of franchise ownership. A business expert and entrepreneur, he owns The Romney Group, Consulting Services, located in Las Vegas, Nevada.
Kevin D. Romney (Las Vegas) 