Starting Your Franchise Search
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There are about 3,500 franchise and business opportunities to choose from. What are your chances of finding one that is a nice fit for your personality traits, your professional background, and your lifestyle desires? Even if you are not schooled in statistics {or in my case, Pre-Algebra} , there must be some chance in finding an opportunity in franchise ownership. Even if you are in a negative frame of mind because of the economy, the job market, or some nice home based nagging, you have to be able to see some light at the end of the tunnel, right? Below, are some suggestions on how to start searching for that perfect franchise. {Well, perfect for you!}
1. Do a self analysis of your strengths and weaknesses, including what you like to do.
2. Do a personal net worth statement. Make two columns on a sheet of paper. One column should list all your assets.The other column should list your liabilities. The difference between the two is you net worth. I suggest a minimum of a $250k net worth with the ability to write a check for $50k, and borrow more in the form of a bank loan if you want to seriously look at some ideas. Legitimate franchise opportunities do not cost only $20k! {And if you do find that has a total investment of $20k,run!}
3. When you find an opportunity that you like, request a brochure and a phone call with the franchise company sales representative/franchise director. See if you like each other, and if you may be a good fit for that type of business.
4. Research, research, research! Talk to franchise owners from all over the country. See if they seem happy about their decision.
5. Use franchise attorneys, CPA’s familiar with small businesses, and an aggressive lender if needed.
6. When you do some financial projections always remember to leave room for personal living expenses! Most people forget about that in their business plans.
7. Make your decision. Even if you decide that this is not the right time to get into your own business, at least you will know that there IS something out there that may make sense for you in the future.
{Joel Libava is a Cleveland, Ohio based Franchise consultant,marketer, and industry blogger. The best place to find out about him is at www.JoelLibava.com. His Company website is www.FranchiseSelectionSpecialists.com
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Having gone through this myself 6 years ago, I think I learned alot from that situation. What arena you choose to go into will go along way into determining whether you are look for another career in five years or still building on your correct business decision. Since going into healthcare recruitment I have been able to build a strong business / financial situation for myself and my family.
Find a business that can provide you these options:
1. What is the business sector going to be like in 5 years - Demand is # 1 precursor.
2. Do you go it alone, work for corporate america, or buy into a franchise system?
3. What is my passion level for this business.
4. What are the overhead costs in private business, what is the reward?
Best of luck in your next career move and think through the situation to what it will be like in five years vs just seeing 6 months down the road.
John Yenney
VP Unlimited MedSearch
jyenney@unlimitedmedsearch.com ...