What to do before you begin searching for a franchise

The lure of franchise ownership can be a heady experience. You imagine the thrill of being your own boss, creating wealth for yourself instead of someone else. But you don't want to enter the search process unprepared, susceptible to mistakes.

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What to do before you begin searching for a franchise
You have so many questions: Will you be happy as a franchisee? Can you make the money you need to provide for yourself and your future? Where do you even start, with thousands of franchise opportunities available?

Before you even begin looking at franchises, you need to do an introspective self-evaluation of your own strengths and challenges. Sit down, get out paper and pen, and as objectively as possible answer these questions:

SKILLS / STRENGTHS
• What part of your current and past jobs have you liked doing the most?
• List your skills and evaluate how well you perform each.
• Describe the work environment that most appeals to you.
• Are you an animal lover? Auto buff? Artistic? What skills/hobbies do you have that may
be applicable to a franchise business?
• Are you status conscious? Does it matter to you what the product or service of the
franchise is or does the business potential matter more?

CHALLENGES
• What part of your current and past jobs have you liked doing the least?
• List your weakness, those things you’d not want to do or would want to hire someone to
do in a business.

MANAGEMENT SKILLS
• Do you have experience managing employees? Did you enjoy it?
• Are you comfortable with recruiting employees?
• Do you have the experience and skill needed to create a work environment that will allow
you to retain employees?

FINANCIAL CONSIDERATIONS
• How much capital do you have to invest?
• Can you afford to do without a regular income during the start up phase of your new
business?
• What are your financial goals?
• How do you see your lifestyle changing as a result of meeting your financial goals?
• How do you feel about taking the risk of becoming self-employed?

ARE YOU A TEAM PLAYER?
• Franchising is all about following someone else’s system. Can you picture yourself in
this role, executing a system you didn’t create?

Once you have answered these questions, you’ll begin to see a clearer picture of what talents you can bring to a franchise business and what you expect to receive in return. The next step is to start looking at opportunities and evaluating them based on your answers. It may take some effort to find the right franchise so don’t compromise.
Franchise opportunities come in many shapes and sizes and you never need to settle for one that is just not a great fit. There are businesses you can run yourself from your home and others that call for multiple unit locations in upscale malls with numerous employees.
Choosing the franchise opportunity that best matches your needs, interests and style is your greatest assurance of happiness and success.

FranChoice
FranChoice helps future entrepreneurs realize the dream of owning their own business. FranChoice will help you find that perfect fit; matching up your interests, talents, and investment level with a strong franchise business. We provide this valuable service for free. Pre-screened, high quality franchise companies pay us a fee for referring qualified, prospective candidates.

From the beginning, FranChoice has been committed to its Mission Statement: "Helping People Realize Their Dreams." By developing a unique and thorough system of candidate qualification, consultant training and franchise selection, FranChoice has helped thousands of entrepreneurs find a great franchise.

C.E.O. – Jeff Elgin
President - Lori Kiser-Block
Year Founded – 2000
Years in Business – 7+
Location – Corporate offices are in Eden Prairie, MN (15 minutes outside of Minneapolis). Consultants are located all over the U.S.
Experience Level – Consultants have over 2000 years of combined experience.
Market Share & Industry Position - #1 Deal Closer, we are recognized as the Premier Franchise Consulting Firm. We place 20% of all new Franchise Owners in the U.S.


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