OWN YOUR OWN FRANCHISE
By: Ex-Officio Economic Development Chairman
What type of business is right for you? Business. It’s a way of life, but when you are trying to find a new business, there are more options than ever; such as, should you own your own reputable franchise or start from scratch.
- How much money do you have to invest?
- How much money can you afford to lose?
- Are you purchasing the franchise alone or with partners?
- Do you need financing? Where will you get it? What’s your credit rating and credit score?
- Do you have savings or additional income to live on until your franchise opens and, you hope, becomes profitable?
Is there a demand for the franchisor’s products or services in your community? Is it seasonal or evergreen? Could you be dealing with a fad? Does the product or service generate repeat business? Is the franchisor’s name so well known that it will bring in customers, or will you have to create a market for the franchise?
Buying a franchise gives you the right to associate with the franchisor’s name or brand. An established franchise with a well-known name — and good reputation — is more likely to draw customers than a relatively new or unknown franchise. If you invest in a franchise, you’ll be responsible for creating customer demand for its goods or services in your area.
- how long the franchisor has been in business
- name and brand recognition for the franchisor and its products or services
- whether the franchisor has a reputation for quality products or services