Is franchising right for you? Are you right for it?
Assessing Your Franchising Fit
When assessing franchising as a fit for you, we agree that the Franchise Council of Australia says it best. They recommend:
“Prior to buying a franchise, potential franchisees should do the following;
1.Assess your own reasons for wanting to own a business;
2.Assess the lifestyle and income implications of owning and operating a business;
3.Assess the franchise opportunities consistent with 1 and 2 above.
4.Build your understanding of the franchise relationship by reading the Franchise Guide.
5.Narrow your franchise search to a few systems, then request further information.
6.If appropriate, and you are comfortable with the decision, select a system and commence the application process.
7.Ensure you have adequate borrowing capacity, including working capital, to successfully establish this type of business.
8.Be sure you receive and evaluate all disclosure material during the application process.
9.Be sure you receive legal and accounting advice from lawyers and accountants with franchise experience before making any final commitment.
10. Use the cooling-off period to check your facts and figures and determine if you still want to proceed. ”
Top 10 Characteristics of a Successful Franchisee
4.Customer and Community Focused
5.Strong People Skills
9.Moderate Risk Taker
How many of these traits do you have?
Want to learn more about your ‘franchising fit’? Contact us today to arrange a confidential discussion.