Before you start looking at franchises, decide which market niche you want to enter. Choose a field that not only creates a livelihood but one that you personally will enjoy. Buying a Franchise for sale is a great business opportunity as the majority of franchisees are still trading successfully after 7 years.
You also have to analyse yourself. Are you good at sales? If you do not like being cooped into one environment, then a franchise that demands that you out and meet people might be good for you. Do you prefer it if the customer comes to you? Do you prefer to drive around from client to client instead of being in a retail environment? Where do your expertise and strength lie? Asking questions about your personal preference and analysing the answers will hep you determine the type of business that you choose.
Some franchises do all the market research for you and even help you to choose a location for your business. Your job is then to manage the business, keep proper accounting records, always be at hand and control the staff. This would be ideal for a person with good management skills. Other franchises ask you to work from home, set up a mini office, and then go out and network with local businesses to generate your income.
This might suit people who do not like to be tied down and handle rejection fairly easily. Once you have found the niche that you enjoy, then start looking at all the franchises available in this field. Choose a franchise that has a proven track record, and then speak to existing franchisees. By speaking to them you will be able to quickly understand the business and its pitfalls. Some franchisors offer excellent training and long-term support. Some even have refresher courses throughout the year which you can attend. The advantages of working for yourself, but not by yourself are what many franchises try to encapsulate. The disadvantages of buying a franchise are that you are restricted in many areas. If you’re ready to make the commitment, franchising can be a rewarding, and often highly lucrative business.
