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Consideration Before Buying a Franchise

Purchase a Franchise

Consideration Before Buying a Franchise

Before investing in a particular franchise system, carefully consider how much money you have to invest, your abilities, and your goals. The following checklist may help you make your decision.

Before buying a franchise, consider these factors.

Your Investment

How much money do you have to invest?
How much money can you afford to lose?
Will you purchase the franchise by yourself or with partners?
Will you need financing and, if so, where can you obtain it?
Do you have a favorable credit rating?
Do you have savings or additional income to live on while starting your franchise?

Your Abilities

Does the franchise require technical experience or relevant education, such as auto repair, home and office decorating, or tax preparation?
What skills do you have? Do you have computer, bookkeeping, or other technical skills?
What specialized knowledge or talents can you bring to a business?
Have you ever owned or managed a business?

Your Goals

What are your goals?
Do you require a specific level of annual income?
Are you interested in pursuing a particular field?
Are you interested in retail sales or performing a service?
How many hours are you willing to work?
Do you want to operate the business yourself or hire a manager?
Will franchise ownership be your primary source of income or will it supplement your current income?
Would you be happy operating the business for the next 20 years?
Would you like to own several outlets or only one?

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