When do you know you are ready to start a franchise? Well here are some pointers to show you are ready.
According to Joel Libava here are some indicators to see if you qualify for a Franchise owner.
Are you the right franchise candidate?
You have to understand what kind of business model you are getting into. You have to take into consideration these points:
- Franchising is a definite business model. Are you willing to adhere to a strict business system?
- You are not the creator of the business you are operating or managing.
- You will not be identified as a “full-fledged entrepreneur“.
- To start your business, you must be financially capable and has adequate convertible assets.
What are your motivations?
Is it your back-up plan after losing a job? Or is it your main goal towards your road in being your own boss?
The most common motivation of a business owner is to secure the future of their children.
Be completely honest with your reason to start a franchise. Is it really the business that you want or is it just to compromise for something else?
Is it the right time?
When you are qualified to be a franchisee, and you have identified your reasons why you want to be one; you have to ask yourself “Is this the right time?”
You may be prepared mentally and financially, but there are other factors that you have to consider that can influence the track of your business.
The best time to buy a franchise is when you have the funds, the passion, and the willingness to proceed.
Source: Franchise Direct
Read more about franchise industry key players through our Interview of the Week.
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