When you’ve decided it’s time to purchase your first franchise, there are several important factors you need to consider when selecting the right one for your individual goals. Here are some tips for deciding on your first franchise:
What are you looking for?
First, decide what your individual preferences and goals are. How much time and money do you have to invest in your franchise? Do you prefer working in retail? A business office environment? The restaurant industry? Do you want to work from home? Take the time to think about and figure out what the ideal franchise relationship looks like for you.
Consider the costs.
Do some research into the costs, including how much money it will take to get your franchise launched, as well as the ongoing expenses to keep your business running. Consider factors such as the initial franchise fee, franchisor royalties, and operational costs.
Do your homework.
It’s also important to do some in-depth research into the particular franchise you’re considering. Find out everything you can about the company using a variety of sources. You can also request documentation directly from the franchisor. This will help give you the information you need to make an informed decision.
Get some legal counsel.
Speaking with an attorney who is well versed on the legal aspects of franchise ownership can prove extremely beneficial. For instance, when researching a franchisor’s financial disclosure document, it helps to have a professional interpret this lengthy document, which includes information on any litigation, bankruptcy, hidden costs, or other important financial factors.
When you’ve done your due diligence and are ready to make the next step, we invite you to consider an Ori’Zaba’s Scratch Mexican Grill franchise opportunity. With authentic, made-from-scratch Mexican cuisine made from real ingredients and whole foods, along with an established brand with mature business practices, Ori’Zaba’s has all the ingredients for your success.