There are great benefits to owning a franchise. You often can sell goods and services that have instant name recognition and can obtain training and ongoing support to help you succeed.
But be cautious before you sign on the dotted line.
1. Know How Much You Can Invest – A franchisor may tell you how much you can afford to invest or that you can’t afford to pass up this opportunity. Before beginning to explore investment options, consider the amount you feel comfortable investing and the maximum amount you can afford.
2. Know What Type of Business is Right for You – A franchisor may attempt to convince you that an opportunity is perfect for you. Only you can make that determination. Consider the industry
that interests you before selecting a specific franchise system. Ask yourself the following questions: Have I considered working in that industry before? Can I see myself engaged in that line of work for the next twenty years?
3. Realistically Evaluate Your Own Background and Skills – If the industry does not appeal to you or you are not suited to work in that industry, do not allow a franchisor to convince...
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