Important Questions You Should Ask Yourself Before You Buy A Franchise

Thinking of buying a franchise? Have you really sat down and worked out what it is you actually want. Some honest time in reflection can save you some serious problems later on. Sit down, grab a cup of coffee and work through the following questions — honestly!!
Personal

? Do you understand franchising and what is concerned?

? Are you prepared to work long hours, possibly under stress to make your business work?

? Are you choosing a franchise to spend more time with the family and kids? If so what would your life be like if you ended up working longer hours than you did before?

? Does the idea of the business (the product/service) excite you enough to get you out of bed in the darkest moments?

? Do you think you can work under the rules and procedures of the Franchisor and may not have any chance to change/influence them?

? Do you mix well with people? Do you enjoy it?

? Can you accept the discipline of a franchise system?

? What do I want to achieve in Life?

? Can the Franchise honestly provide this??

Business

? Do you have the relevant skills necessary to run a business? If not does the franchisor offer them?

? If you don’t have the skills, what makes you think the franchisor can teach you them in a week or two’s worth of training?

Financial

? Do you have the money to invest in the Franchise?

? If not, where are you going to get it?

? If borrowing money is it secured or unsecured?

? Have you determined your ‘survival income’ - that is the level of money you will need to live on each month?. If you have, just how many months can you survive before you have to take money from the business?

? Can you afford to lose the money you invest?

 Brian Tracy once said that someone who is prepared to lose a little usually ends up losing a lot!