These are our Hot Tips For First Time Franchise Buyers!
Have you reached a point in your life where you’re tired of working for someone else and you’d prefer to be your own boss? Franchising offers a relatively inexpensive way to enter the business world, and considering that franchises are more successful than new go-it-alone businesses, they make good sense. They are also more financially secure than trying to go into business on your own. However, those points are only true if you do the right research and buy into the right type of franchise for you. Here are a few tips for those considering buying a franchise for the first time.
- Research - research everything. Research the franchise opportunity, research your local market, research your competitors, and research your financing options.
- Plan – plan everything from day one. This includes how much money you have, how much you are willing to spend, and how long it will be until you are profitable. A good business plan assumes no profits for the first 12 months – do you have the reserves to last that long? Franchises can often deliver profits a lot quicker. Still, it is wise to have the equivalent of six months income at hand before you start.
- Franchise selection – choose a franchise opportunity that you have some interest in. In most cases, you don’t need direct experience in that particular industry since franchisors offer training. Find franchise opportunities that are hot and in your preferred niche and your on the road to success.
- Learn – spend as much time as possible learning to run a business. Most franchise opportunities offer training in running your business – study it well, ask questions, and become a business person. Remember, you are the boss now, so all decisions come from you, and they must be based on sound business principles. When businesses fail, it is because the business owner has failed to grasp this area of running a business.
The ideal franchise opportunity for a first time franchisee is one that is in a hot niche, offers comprehensive training and ongoing support, and is willing to hold your hand through the start up phase. There are plenty of those opportunities around. You just need to know where to look. We have a long list of hot franchise opportunities just waiting for first time business owners.
