If you’re ready to be your own boss and thinking of purchasing a franchise, there are several things you should consider before making a firm decision. In order to ensure your business venture is as successful as it can possibly be, you’ll want to take into consideration factors such as how much time and money you have to invest, your interests and goals, and your personal preferences.
- What are your personal preferences when it comes to structure versus freedom?
If you prefer more decision-making freedom for your business affairs, then independent business ownership may be a better choice for you. On the contrary, if an established brand and business model with training and support sounds more enticing to you, then a franchise opportunity is probably the best fit. It’s important to weigh the pros and cons and consider what’s most important to you personally. If you’re comfortable with guidelines and support from an established company who can help you get your business off the ground and achieve success, then a franchise opportunity is the way to go. A franchisor is a partner in business, and shares your business goals.
- How much are you willing to invest?
Whether you go into business independently or buy into a franchise, it’s important to establish an amount of money you are willing to invest. Launching a business requires capital to purchase equipment and supplies, rent or buy property, hire employees, and pay ongoing expenses such as utilities and insurance. Most franchisors require a certain amount of capital to cover basic costs to get your franchise started, but you also need to factor in any added expenses related to day-to-day operations.
- Choose a business that matches your goals and interests, then do some research.
Obviously you want to spend your time doing something you’re passionate about, or at the very least, doing something you’re genuinely interested in. Assess your goals in what you are wanting to achieve with a new business, then invest some time doing some research. If you’re considering purchasing a specific franchise, learn about their brand establishment and the market opportunities for your area. You want to make sure there’s a demand for the products or services you are considering selling. Spend a little time investigating the franchisor so you’re informed about their history and the details of their business agreement. Interview the company and get any questions answered, such as what exactly is expected of franchisees, and how much training and support is offered.
When you’ve carefully considered the pros and cons of franchise ownership and are ready to take the next steps towards purchasing a franchise, we hope you’ll consider Ori’Zaba’s Scratch Mexican Grill. To learn more about franchising opportunities with Ori’Zaba’s, call 952.388.4136, email adam@zabas.com or click here.