What is Important to Know as we find the right 'Franchise For You'

What is Important to Know as we find the right 'Franchise For You'

What is Important to Know

1. Skill: The nice thing about franchising is that work in the 'Corporate World' typically has given you the skills to be successful in some franchises…management skills or sales skills or production operations or project management…usually finding a franchise that will fit your skill set is not a problem.

2. Finances: There is some truth to the saying that “it takes money to make money". So having capital to invest is certainly an important element for consideration. The total investment in a franchise can range from less than $50,000 up to many millions, with the average total investment of around $250,000. There are still a lot of good, solid franchise opportunities though with an investment requirement of less than $100,000 and there are many financing options available as well.

3. Family Support: You probably wouldn’t buy a house without your spouse’s involvement and buying a franchise is much the same. Starting any kind of business, including a franchise, takes time and dedication; having your family’s support during the critical start up phase is important. So the sooner you bring them into the process, the better. We encourage all of our clients to include their spouses in meetings with us so that when a decision is made, key family members will be supportive.

4. Follow the System: The primary reason that franchises are so much more successful than independent businesses is because franchises have proven systems which provide training and support to franchisees. Doing so illustrates a template of what works, and what costly mistakes to stay away from. Following the franchisor’s guidelines is a critical key to success.