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The decision to buy into a franchise opportunity with a proven business model and product or service offering is appealing to people looking to be their own boss, but want to reduce the risk they’re facing.

Franchisees get a lot of support from franchisors and other franchisees that entrepreneurs running independent businesses don’t.

However, there are over three thousand franchisors in the United States that offer a franchise opportunity. Most service and retail industries actually having several options. These options range in price, business model, requirements and many other things that should factor into your decision.

Here is a list of questions that you should ask yourself, before you begin to look for the best franchise business:

WHAT ARE MY REAL GOALS?

Most people that decide to become an entrepreneur through purchasing a franchise business do so for a variety of reasons.

It’s important to sit down and determine what goals are most important to you.  Write down all the things that you hope to accomplish through franchising and list them in order of importance.

WHAT ROLE DO I WANT TO TAKE IN THE DAY-TO-DAY OPERATIONS?

There are franchisees that prefer to be hands on in the day-to-day operations and there are owners that rather hire someone to run the day-to-day operations.

It’s important to decide what role you want to take in your franchise business at the beginning of the search process, because some franchisors require owners to be present.

WHAT ARE MY FINANCIAL OPTIONS?

There are thousands of different franchises available and the costs to buy into them vary greatly depending on industry and business model. There are franchise opportunities that cost as little as $10,000, but some will require an investment of a million dollars or more.  It’s important to understand how much investment capital you are working with.

ARE MY BUSINESS SKILLS AND DRIVE TO SUCCEED SUFFICIENT ENOUGH?

Franchises are popular, because there are a lot of advantages that help entrepreneurs become successful.

However, buying a franchise is a huge decision. You better be honest with yourself, when you decide to dive into a  franchise opportunity. You’ll have to honestly assess your desire to do the work, because this isn’t a get rich quick scheme.

There is serious work that needs to be done to succeed even, if you are an absentee owner. Wise franchisees spend a lot of time managing their managers to avoid issues with loss, or customer service.

A franchisee that is lacking in business skills can still succeed with the right amount of hustle and support. The franchise consultant team at On Pace are experts at matching an entrepreneur with the right support system.

Contact us for a FREE Consultation!

Have questions or comments? Get in touch! We’d love to hear from you.

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