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It
is very important to establish some basic criteria to help you
short-list franchise opportunities. These criteria should include
things like:
How much money can you invest?
What personal income do you require from the franchise?
How ambitious are you?
Do you want to work from home?
Do you want to employ staff?
Do you like meeting and working directly with customers?
What personal skills and experience do you have to apply to your new
business? What additional skills and experience do you require to
operate a successful business?
Once you have established your short-list, research each of the
franchise opportunities before you make appointments to meet the
franchisors. Be prepared with a specific list of questions for each
franchisor.
Generally, franchisors have a well-defined recruitment process, the
objective of which is ensure that there is a good fit between franchise
and franchisor. Ask about this process and use it to your advantage.
Once you have identified your preferred franchise, talk to
franchisees, carry out your own market research and complete your own
business plan to verify what you have been told. Take independent
business and legal advice before you make your decision.
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