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Is Now the Time to Buy a Franchise?

Posted: 1/12/2017 07:36 AM by Interim Franchise

Ready to buy a franchise? Ask yourself these simple questions first.

If you have that “fire in your belly” and a passion for opening a business making certain that you have the professional acumen to be successful. Before you run out and purchase a franchise ask yourself these key questions.
Will your business solve a problem?

First, you must sit down and evaluate if there is a need for your services.  Make certain that there is an issue to address and that you can satisfy the need better than anyone else. Make certain that you are supplying superior service than any of your competitors.

Are you willing to sacrifice at the start up?

From day one you will not be making a profit. Most businesses do not see a profit until the third year of operation. Are you ready to sacrifice until you are in the black? Do you need fancy office furniture or are you comfortable with keeping your costs at a minimum at the start-up?

How does your life balance needs fit your income needs?

When you buy a franchise, you will need to buckle down and work those long hours. It is not a time for those who want to work less or intend to take long vacations. Also, make certain you have put money aside so that you can either lower or maintain your current lifestyle. Again there are sacrifices to be made when you purchase a franchise.

Are you more of an outside or inside person?

Let’s face it, many of us have had corporate jobs that did not fit our personalities all that well. Starting a business is a great opportunity to come as close as you can to “the ideal job.” So you need to be honest with yourself about what style of work best suits you—for example, do you thrive on mixing and mingling with people every day or do you prefer to work behind the scenes in satisfying your customers?

Are you willing to listen and learn?

When you purchase a franchise, you will be educated by the franchise company, and it is important that you take direction and are willing to learn. No one knows better than the company about the day to day operations of the franchise than the company who started it. You may be a whiz at one area of business, but not all so be a sponge. Take advantage of the comprehensive training program. It is important that you LISTEN to all the people around you as they have the hands-on experience and you do not.

Are you ready to run your franchise full-time for a while?

For at least the first three years you may not be able to hire a manager.  In some instances, you have to be willing to run the operation for the first few years of existence.

Do you have excellent customer service skills?

You must have excellent communication skills to grow your franchise. It is important that you nurture every customer who walks through the door. Bone up on your skills by reading or attending a client service training program.

If you said yes to most of the questions above, it may be time for you to take that step and purchase a franchise. Based on our answers you have the passion, and the ability to work hard to make it a success.

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