Considerations for potential franchise owners
- Tuesday, May 11, 2010
Investing in a franchise opportunity with a proven business model is a smart idea for potential entrepreneurs, but proper research is still necessary to ensure the business matches the business owner. Writing for IndUS Business Journal, veteran entrepreneur Ricky Brooks recently offered his tips for finding the right franchise.
Personal fulfillment is a major consideration, he says. The product or service being offered doesn't need to be a lifetime passion, but the entrepreneur should believe in it and develop a passion for it.
Employee satisfaction is another invaluable element to take into account. Without loyal employees, it will be difficult to create loyal customers.
The lifestyle that will come with franchise ownership must also be a match, Brooks says, since it will require a significant amount of time and work.
The income potential of the business and the industry in which it's operating should also be looked at closely, as should the mission and model of the potential franchisor.
Finally, Brooks writes, the ability of the concept to evolve and adapt to changes in the marketplace should be thought of well in advance.
Additional ideas for choosing a franchise were recently presented by StartupNation. The website advised keeping an open mind, reading the Franchise Disclosure Document carefully and talking with existing franchisees to get feedback on their experience.
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