5 Things to Consider Before Investing in a Franchise
Before you start considering any particular franchise, you will need to know ask yourself some questions to decide what’s possible.
Understanding why you want to become an entrepreneur is a key part of choosing the right business for you and your future.
Many franchisees are drawn to the idea of being their own boss, running their own business and taking responsibility for all the big decisions. Of course, the first big decision is probably the toughest; "what type of franchise is best suited to me?".
Of course, you can go with your gut when selecting the franchise opportunity for you, but we here at Franchise Asia, are here to help with a more calculated approach.
To make this process easier, we've broken it down to the five 'W's:
The first question you should ask yourself is 'who am I and what career experience do I have?'
Answering this query will help a potential franchisee narrow down their decision; do they want to choose a franchise linked to their previous or existing career path, or if they want to select a franchise that does not require prior experience.
Identifying what is important to you early in the process is key. It will help you select a franchise system that fits your individual value system. For example, if you are passionate about social issues and climate change, perhaps a green / eco-friendly franchise could fit the bill or if your passion is fitness, then a gym franchise may be the right opportunity for you.
There was a moment when you decided that this was the career path for you. Something sparked, you wanted to be your own boss and take control of your future. What was the source of this spark of inspiration?
Uncovering what your motivation is will be especially important on the tough days, when you need to push harder and go that extra mile. Remember, the fate of your franchise business rests in your hands and will be based entirely on you and your endeavours and ability to run the company.
Making the decision to become your own boss and work for yourself as a franchisee is big step for people who would like to work from home.
The ability to work from wherever you want can be liberating and the freedom that it facilitates can allow you to have the work-life-balance you seek.
You might feel like now is not the right time, but if not now, then when?
Remember, when buying a business, it takes time to get the wheels in motion. So, if you make an inquiry today, it could be approximately nine months’ time before your business is up and running for real.
If you are waiting for the perfect time, there probably isn’t one. So, maybe you should stop waiting – and seize the opportunity.
Why did you decide on franchising as your preferred option for becoming your own boss?
Is it that you didn't want to go it alone? And would like to be part or a network of like minded business people with years of experience to help you? Perhaps you wanted a head start in your entrepreneurial life, taking advantage of an established brand that's widely recognised?
Whatever spurred your decision, it is vital that you find a brand that fits the bill and facilitates this requirement.
Our Franchise A-to-Zhas an option to suit most people, so why not check it out now?