8 Questions To Ask Yourself Before Buying A Franchise

If you are considering a franchise, it’s important to understand your motivations and limitations before doing so. 

Here, we share 8 questions to ask yourself (the potential franchisee) before buying a franchise. 

1. Why are you doing this? 

All potential franchisees have a ‘why’. Each reason will be different, but you should be able to articulate why you are considering purchasing a franchise and what this will mean for your future career and lifestyle. 

1. Are you willing to take on the responsibility of running a business? 

The most successful franchisees are self-motivated. They understand that owning a franchise means running a business and that they will be rewarded for the time and energy they put into their business. Does this sound like a commitment you are willing to make? 

1. Are you excited to learn new skills?

Franchisees need to know the ins and outs of their business. This often means developing and transferring skills. If you are not keen to upskill or broaden your usual day to day tasks, franchising may not be the ideal career move. On the other hand, if this excites you, you could be the perfect match. 

1. Do you understand the franchise concept? 

At its most basic level, franchising allows a business to operate under the established brand of another business. The franchisee (you) can sell products or services for a specified period of time in return for payment to the franchisor. 

Yes, you will own and run your own business, but there are limitations set out by your franchise agreement…

1. Do you understand what franchising lets you do?

As mentioned above, franchising also comes with limitations that you must be willing to uphold. This means following a set franchise system and utilising end-to-end systems that have been built for the business.

If you are someone filled with big ideas and innovation – franchising may not be the most suited career move. However, if you want to start a business and do not have a ‘big idea’ franchising can provide a successful and fulfilling alternative. 

1. Are you willing to accept coaching and advice on how to run your business?

Similarly, franchisees are often seen as the mentee of the franchisor. If you are someone who enjoys being coached and offered advice – you are likely to grow and thrive in the role. 

1. Do you have the required capital? 

Like all businesses, franchising requires capital to commence. We recommend gaining a full understanding of the franchise’s financial obligations, along with your personal finances before making a decision. 

1. Do you have the support of your family? 

Finally, is your family or spouse onboard with your decision? Becoming a franchisee can be a time consuming and demanding role to begin with. Like most businesses there will be a learning curve to begin with and time will need to be spent developing and fostering success. Be sure that your family understands and accepts your obligations before taking a leap. 

If you have confidently answered all questions above – congratulations! You sound like the perfect match for our Home Sorted! franchise opportunity and we’d love the opportunity to tell you more. 

Submit an enquiry today