Why do you want to buy a franchise? What are your goals? A surprising number of people don’t have a particular goal. They want to “try it out” or they’ve always dreamed of owning a business or they want to be their own boss.
When you’re getting ready to make your franchise business investment, it makes sense to think about how your life will change once you’re a franchisee. But you may also want to think about how your family’s lives will change.
We’ve seen toy stores that made 90% of the year’s revenue in the run-up to Christmas, wedding services that were busy all summer and scraped along through the winter, and tax services that didn’t even stay open outside of tax season.
Choosing a franchise involves putting in money as well as time, while being hired does not. This adds an extra layer of risk for franchisees. On the other hand, franchisees also have an extra layer of control.
You want a franchisor that will protect its brand. Look for evidence of firmness about a consistent experience in the franchise agreement documents and in the conversations you have with current franchisees.
Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.