Questions you may be asking yourself before choosing to purchase a franchise
Published: 15 September 2015
Purchasing a franchise is not something to be taken lightly. It can be a life changing event and, as with every major decision, you should thoroughly investigate all possibilities. It is essential to ask yourself if a franchise is something you want to invest in, if you are ready to be your own boss and more importantly, if are you financially able to do so. Here are five questions you should ask yourself before purchasing a franchise;
Have you done enough research?
It is important to spend a lot of time researching the industry in which you are considering a franchise. Also, investigate the particular franchise opportunity before deciding whether or not the franchise is right for you.
As part of the Aspray franchise recruitment process, we ask you to complete a research pack, which covers all of this and more.
However, not all franchisors offer this facility, and so you will need to do your own due diligence before committing to purchase. If the franchise offers it, it would be beneficial to attend a discovery seminar; this will provide you with an insight into the opportunity that is on offer, and give you chance to talk to people from the company face to face.
Do you want to be your own boss?One of the great things about owning a franchise is that you can be your own boss. Established franchises can usually provide a proven business model, training and support in all areas; however you must still be willing to put in the hard work in order to create a successful business.
Does the service have staying power?If you want a long-term investment, it is important to be a part of a company that has a non-trend service within a substantial marketplace to ensure that the franchise receives business throughout the year. A trend-proof proposition is vital as it provides you with confidence in the longevity of the company.
Does the investment reflect the earnings?Franchise opportunities can vary in price range; from very high to low start-up costs. The important thing to consider is whether or not you are going to reach your target earnings and in what time frame? Building and growing a franchise can be time consuming but the financial rewards in the end could be well worth it. Target earnings of £80,000+ are available for established Aspray franchisees who have developed a good introducer network.
How well do your skills match the needs of the business? If you want to make a success of your franchise then you have to be cut out for the position. The best franchisors will have a rigorous recruitment process in place in order to choose the right person for the territory, ensure that you possess the skill set that the company is looking for. Aspray look for self-motivated and professional individuals with good leadership and people skills with an ability to be their own boss.
