It’s more than just finding a ‘good’ franchise, you need to find one that’s a good fit for you.
Here’s a list of 7 Criteria we like to discuss with clients when they are thinking of buying a franchise.
Financial. Will this franchise give you the financial return you need? Is the payback within 4 years? What will your financial commitments be?
Lifestyle. Hours of work, weekends, early starts, late finishes? How will work commitments fit in with your life?
Interest. Are you even interested in what this franchise does?
Compatibility. Does it suit your natural style and skill set?
Competency. Can you actually do the tasks required?
Potential. What is the future potential for the business? What’s the upside?
Excitement. Does this business get you excited? Do you get a buzz just thinking about it?
Then there are some other criteria to be considered once these initial points are considered, but this usually provides a good start.
There are many factors at play that need to be considered. And we often find there is a strong emotional attachment to the particular franchise many prospects go for. That’s fine, but it’s important there is some logic behind the decision.
Let me know if you need a hand
Peter