Answering these questions will give you a good start in identifying a good franchise fit.
- Where will the business be? In cities, suburbs, rural areas?
- Do I want to travel? If so, what are the time limits?
- Do I want a home-based franchise?
- How many days a week do I want to work? How many hours a day?
- Do I want to be an Absent Owner?
- Is there a specific industry I want to work in?
- What are the industries, products, or services in which I will not work under any circumstances?
- Does the business have certain features?
- Want a franchise for a product or service?
- Do I need a new or installed system?
- Do I want a large or small franchise system?
- Which of these franchise systems do I want slow and steady growth or fast growth?
- What kind of behavior do I expect from a franchisor? The dictator’s guide?
- How important is brand recognition at the regional or national level?
- Should I be satisfied with one or two franchised units or buy more franchised units or develop a business in the entire target area?
- How much can I invest in a franchise? (Without borrowing or increasing the investment amount)
- What should be the total investment?
- Do I need to find a franchisor that will offer a low-interest rate financing program or have a third-party financing relationship?
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