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.
You have to understand what kind of business model you are getting into. You have to take into consideration these points:
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?
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
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