Recent world events remind us all that multiple income streams are critical to protecting your financial future. Investing in a franchise opportunity is a wonderful way to make sure that you and your family will be able to build and maintain wealth. To make sure you invest in the best franchise for your skills and financial goals, ask the questions below.
1) How is Your Brand Different?
Recent world events have led to a lot of single-owner businesses. If you’re going to buy into a franchise, you need to know that the brand you’re investing in is both strong and unique.
2) What Support Do You Offer Your Franchisees?
Even if you already own a number of franchises, starting a new one will take guidance and support. If you plan to work both in and on your business, you will need a great deal of help to make a success of your venture.
3) What Skills Do I Need to Be Successful in This Franchise?
You want to work with a franchise that will let you know how you come up short. If you’re a solopreneur and aren’t known for your team-building skills, don’t buy a franchise that relies on teams. Your communication style is likely perfect for many industries. Seek out those franchises to increase your chance of success.
4) How Can I Avoid Entering an Over-Saturated Market?
Review the number of franchises per location and search for projected sales in the next six months. Obviously, you want to build up your client base when you’re new, and being the newest business on the block may be exactly what you need to fire up those entrepreneurial juices.
5) Will My Territory Be Protected?
For solo franchisees, this is particularly important. If you plan to work out of your home or create a hub and spoke business with your address as the hub, you need a franchise in an organization that will guard your region.
6) Will I Have Support When I’m Ready to Expand?
If you’re planning to grow your franchise in your work-from-home business structure, you will want access to the territories near you. You should at least have a say in who franchises in your area and where your territories touch. If that can’t be assured, this may not be the business for you.
7) Can I Get References?
You should be able to freely talk to other franchisees. Before you invest, make sure you get a list of other franchisees and are allowed to meet and gather information. If you are not encouraged to connect with successful folks in this franchise, there’s a chance that there aren’t many of them. Be ready to walk away.
8) Do You Offer Any Mentoring?
Mentoring opportunities for new franchisees are critical to success. As you check references, be ready to ask for mentoring help from those that seem open to it. If your franchisor can provide you with a list of references as well as potential mentors, it’s a good indication that this franchise is focused on growth.
Buying into a franchise that helps you to feel supported and assists you in your growth goals is a terrific way to build wealth for your future. Getting the right assistance early on in the process will help you build a sturdy foundation for your professional and financial goals.