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.
This story is from the Startups - Fall/Winter 2024 edition of Entrepreneur US.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the Startups - Fall/Winter 2024 edition of Entrepreneur US.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
The Better Way to Fail
The next time something you do flops, here's a new way to learn from it.
Making the Midlife Leap
After getting laid off in her early 50s, Keri Gardner decided she wanted to control her own fate-so she bought a franchise with her 401(k).
A Quick Guide to Franchise Ownership Costs
Franchising costs money. Here's what everything means.
This Doughnut Franchise Is Hitting the Road
To grow, DonutNV needed a steady supply of delivery trailers. So last year, it started making them itself.
3 Steps to Find Your Perfect Franchise
There are many brands out there. Finding the right one is up to you.
This Fencing Franchise Is Ready for Growth
Superior Fence & Rail nearly doubled its sales in one year. How? By stepping back and focusing on fundamentals.
What Are a Franchisee's Role and Responsibilities?
If you're going to be a franchisee, you should know exactly what's expected of you.
This Dog-Training Franchise Is Zooming Ahead
After a rough few years, Zoom Room made major changes...and has emerged as a stronger, faster, very well-behaved business.
What's the Real Damage?
Most clean-up companies just fix messes, like fire or flood damage. But 911 Restoration's new CEO saw an opportunity to help with the other emergency they often encounter: customers' emotional trauma.
Mental Health Services, Franchised
The U.S. is facing a growing mental health crisis. Ellie Mental Health wants to be the solution.