Is Owning a Franchise Right for You?
The franchise market is booming. Aspiring franchisees have more availability to startup capital, due to the recovering economy. Baby boomer franchisees are beginning to retire and put up their successful businesses for sale. When you have a franchise, you have a proven business model and parent company behind you. The future looks very promising.
Is a franchise right for you?
Before buying into a franchise, you should do your homework. Does the parent business have a robust training program that arms you for success? Can your community sustain another business? Does the company have a great corporate staff? You have to really look at the parent company to determine if that particular franchise is right for you.
More importantly, are you right for a franchise?
Almost everyone dreams of owning their own business. A franchise is a great way to take that step with a lower amount of risk than if you simply started a company on your own. But you should be able to answer these questions before you get started:
• What are your goals? Why do you want a franchise?
• What will your role be in the business? Do you want a hands-on experience or will you be an absentee owner?
• What are your skills? You need basic business skills more than industry experience.
• What is your investment budget? Franchises can cost $10,000 up to $1,000,000 depending on the industry and specific model.
Do you have passion?
One key element of success in any business endeavor is passion for the product or service. If you can’t get excited about the business, you aren’t going to succeed in the long run. You have to want more than simply making a good living. You need to have drive to get up every morning and work your business, whether it’s a hot concept or not. Not everyone can get passionate about every product.
If you are looking for funding for your franchise opportunity, call Wexum at 512-646-0902 for lending options.
