Before you buy
The Federal Trade Commission publishes an 11-page consumer guide to buy a franchise. It’s available online here.
Here are some questions to ask yourself before investigating specific opportunities:
Your investment
How much money do you have to invest?
How much money can you afford to lose?
Are you purchasing the franchise alone or with partners?
Do you need financing? Where’s it coming from?
What’s your credit rating? Credit score?
Do you have savings or additional income to live on while you start your business?
Your abilities
Does the franchise require technical experience or special training or education
What special skill set can you bring to a business, and, specifically, to this business?
What experience do you have as a business owner or manager?
Your goals
Write down your reasons for buying a particular franchise.
1. Do you need a specific annual income?
2. Are you interested in pursuing a particular field?
3. Are you interested in retail sales or performing a service?
4. How many hours can you work? How many are you willing to work?
5. Do you intend to operate the business yourself or hire a manager?
6. Will franchise ownership be your primary source of income or a supplement to your current income?
7. Do you get bored easily? Are you in this for the long-term?
8. Would you like to own several outlets?
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