Franchising is an excellent way to be in business for yourself, but not by yourself, because the franchisor is always there to help. The franchise system, also known as the franchisor, provides a method of doing business that has been tested over time in the marketplace. The system provides its expertise, experience and continuous advertising and market support.

Is franchising right for you?

• What advantages and disadvantages a franchise might have when compared with other types of businesses?
• Which franchises interest me? Why?
• Which areas of operating a business would I dislike most?
• What personality strengths do I possess that might help me succeed in business?
• What weaknesses am I aware of that might hinder that success?
• How well do I follow instructions? Am I willing to strictly adhere to the franchise system’s operating plan?
• Is my family interested in this venture? List those who may become key participants and ponder their reactions to the questions above.

When deciding what franchise to purchase here are some questions you should ask:

• What experience does the franchise have in its specialty?
• How does that compare to other franchises in the same industry?
• What do their franchisees say about the company? Are they happy and successful? If given the choice today, with the knowledge they have gained, would they buy the franchise again?
• What success, financial and otherwise, do I realistically expect to achieve?

Can I afford a franchise? Can I afford not to franchise?

• What is my net worth?
• What sources of financial assistance are available to me?
• What credit potential do I have?

Advantages of Franchising

Considerable content provided by IFA – Franchise Opportunities guide, Spring/Summer 2005 edition. Pgs 34 – 55.