Turning a franchise opportunity into a viable business transaction can sometimes be a difficult process. After all, you'll need to evaluate every aspect of the deal, from personal financing to long-term profitability. If you are considering a new business opportunity, purchasing a franchise might be a great way to achieve your goals. Take a look at some of the following steps to ensure you are approaching the process correctly.

Personal skill set

Finding a franchise that matches your personal skill set is one of the most important steps when beginning a purchasing process. If you are a culinary chef, why would you buy a construction franchise? You'll want to identify an industry that you can succeed in, or at least comfortably learn about. Even if the opportunity looks great, if you cannot see yourself in the field, do not embark on a spontaneous purchase.

Get to know your lender

It is likely that you will need a hefty loan to finance a new business move, and choosing a lender can be the most stressful part of the process. However, companies will be more likely to approve you for a loan if they get to know you first  - take the time to prepare a proper presentation and practice on friends and colleagues.

"Smart franchisors have garnered relationships with lenders who understand their business model. [Banks that are not familiar with the franchisor] would have to invest a lot of resources to get to know the franchisor," said franchise attorney Lane Fisher, according to NUWire.

Big versus small

A lot of entrepreneurs contemplate larger franchises, but it may be beneficial to look at smaller chains as well. National franchises have the advantage of a large target audience, but local chains can be more cost-effective. Plus, should you make enough profit, you might be able to expand into a national or international market.

Choose a reputable franchise

Finally, it all comes down to choosing a franchise that has an established reputation and successful business model. Try not to get sucked into cultural trends or popular niche markets - these industries will not be as lasting as proven, vital companies. There is an old saying that states people should invest in war, religion, medicine or food - these are four things that the world will always need, and there will always be a customer base for franchises operating in these fields.

The Liberty Tax Service franchise opportunity is appealing to a diverse America, and ranked highly for its affordability and potential.   Entrepreneur magazine has ranked Liberty Tax Service on its "Franchise 500" list of best franchise opportunities since 1998.  Liberty Tax Service is the only tax franchise on the Forbes magazine's "Top 20 Franchises for the Buck." (2012).  Our tax franchise is an affordable and viable business choice. Each office provides thorough, computerized tax preparation coupled with superior customer service. For the best small business opportunity in the income tax franchise industry, choose Liberty!