Before you embark on a franchise business venture of any description there are 6 key questions to ask yourself:
You will need to know the total investment to get your franchise up and running. This should include the initial fee, office start up costs and the level of working capital you are going to need before you break even.
2. What is your passion?
Consider what you are good at? Do you have an interest in generating an income from this? Find a franchise which is closely aligned to your background or interests. It is important that the franchise you choose ticks all the boxes for you.
3. Time needed?
While starting a franchise is different from starting your own business, it is still a business. Make sure you understand what’s involved. Every franchise business requires input, energy and focus. Get the launch date right too, it is best to attend training and then get started, not go on vacation…
4. What is the franchisor like?
Do your research and get to know everything you can about the franchisor. How long has this company been in business, what is its average success rate and what are the future growth plans?
5. What does it take to run a successful franchise?
Due diligence is key. Take the time to speak to other franchisees to understand:
· Any challenges, and how they overcome then?
· What does a typical day look like?
· For those that failed, why?
· Time from start to making a profit?
6. What kind of help does the franchisor provide?
The advantage of investing in a franchise is you are not alone. Understand the support you will get from the franchisor.
A franchise is a great way to start your own business, read this related article “What is franchising”. Why not start your own Recruitment franchise business with the Antal.
Contact us today for more information.