You've decided to take your career to the next level by buying a franchise. Now what? With more than 3,000 franchise brands in the United States, how do you find the one for you?
The answer is a balance between objective performance indicators and gut-level instinct. Before you begin, write a list of your wants, your needs, and your budget, as well as the things you're good at and enjoy doing versus those you're not good at and hate doing.
You don't have to do all of this alone - nor should you. Plan to have a team behind you: a broker (if you're buying an existing location) with a lawyer and an accountant when you're in the final stages. But in the end, you will be one of your own most critical resources when researching the franchise opportunity that could change your life.
1 Start with yourself.
Before anything else, ask yourself the following questions:
Why do I want to own a franchise? Can I really see myself doing this? If you're in this to get rich quickly, look elsewhere. Prosperity should be your goal, but you should know it will take a lot of hard work to get there. If your aim is to have more control over your career by running your own business, consider whether you're ready to be the boss in difficult times, like when sales are slow or the team isn't performing.
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