Your guide to choosing the right franchise to match your financial and family needs
If you are ready to consider your franchise options, check out our essential guide "Choosing the right franchise for your financial and family needs". Buy a franchise that matches your requirements and you’ll be taking the first step to business success.You can read the summary to our guide below.
There are a multitude of franchises available and you should ascertain where your interests and current abilities lie. If working directly with the public is an appalling aspect, most franchises will immediately be crossed off your list. Does a hands-on business appeal to you or would you rather your franchise is managed by staff?
A working from home franchise may be of interest but separating worklife from home life can be challenging. Are you sufficiently self-disciplined and industrious to be productive or are you easily distracted?
You must consider your current family situation. Do you have small children that you need to spend more time with and money on, or is your family grown and less dependent?
You will need to work on your business beyond the traditional hours of your franchise’s operation. Do you possess the capacity and energy to work the required hours both in and on your business? Do you have the support and understanding of your partner, family and friends?
You must consider the initial outlay you are willing to risk and if your franchise can afford the ongoing expenditure required. What is your current personal debt, such as home and car loans? Do you or your partner have other income to help support your business cash flow?
Be aware of your skills set. Are you enthusiastic about learning new skills or more comfortable with the type of business that concentrates on your existing areas of expertise?
Corinne Attard, partner at Holman Webb Lawyers, says “Some systems offer a complete ‘business in a box’ and all the back-up support such as book-keeping and invoicing to customers. Others offer little more than a brand name and perhaps some joint advertising.”
You must determine what the franchisor expects from you in terms of financial performance, business expansion and commitment to its network. Are you comfortable with those expectations?
If you have a high entrepreneurial streak, is there scope for you to buy further franchise units in the future?