What To Consider: Choosing A Franchise

August 15, 2017 3:15 pm Published by

You might already have chosen your franchise, or perhaps you’re just starting off on this journey, whatever stage you’re at this decision should not be made on a whim and you should carefully consider all of your options before making any big decisions.

First and foremost, start by crafting a list to include the following;

–      What are your interests? Think about the things you love, the things you’re passionate about! A franchise will become your business; use this opportunity to chose something you want to do for yourself and your future.

–      Think about your budget! How much do you have and want to invest in the franchise? Include start-up costs in your budgeting so you’re well prepared for conversations with franchisees.

–      Where are you based? Are you planning to relocate? Where do you want to move? This is a wonderful opportunity to not only build a business you love but, in you want to work in. Include these options in your list before approaching businesses.

–      What are your strengths and weaknesses? You’ve probably answered this question a hundred times in interviews; turn your attention to answering them to yourself. If you’re a great manager, think about any staffing you might need in the future. If your strength is in new technology, consider costs that might come with areas of the business that you might be unfamiliar with, for example; accounting, sales, marketing, etc. Some (not all) franchises will offer core support from head office, but it’s good to be prepared in advance of your conversations with businesses.

Are you considering a franchise business? Perhaps you’re familiar with the process or its brand new to you! We want to hear from you. Get in touch via email nav@homecarepreferred.com. Or you could connect with me on LinkedIn and find us on Twitter and Facebook.

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