What To Know BEFORE You Buy A Franchise
Do you think you know how to be a business owner? Are you able to be a boss and go through all the literal and figurative checks and balances day in and day out? It isn’t an easy thing to do, but the long-term financial benefits make it well worth it for most people, but only if they do it the right way.
To make sure you’re ready to dive into the entrepreneurial endeavor of becoming a franchisee, we’ve compiled a list of 4 questions you need to ask and answer before you get really serious about this business venture.
Are You Cut Out To Be A Boss?
Being a franchise owner isn’t just about the business – it’s also about being a boss. Whether you’re involved in the day to day operations or taking on the role of investor, you’re in a position to make big and small decisions that have a direct impact on your business. A boss doesn’t make rash decisions. He or she must have the ability to step back and think about what’s best for the business in both the long and short term.
Are Your Finances In Check?
Investing in a franchise – no matter what your role – is just that: it’s an investment. And what does an investment require? cash. You’ll need to make sure you’re prepared for an upfront investment with either your own cash or that of a well-financed loan. By well-financed, we mean that you shouldn’t get a loan with an outrageous interest rate.
Depending on the company with which you are franchising, you may also need to consider the costs associated with building out your business, rent/lease cost, equipment, and much more. Be sure your credit history is good, so you have access to all the funds you need to get started. And can you afford to pay back those loans? All the above is paramount to running a franchise business.
Are You A Good Listener?
When you become a franchisee, know that you don’t call all the shots. There are protocols in place that you must follow that are in place because the corporate side already knows what works best and what doesn’t. Make sure you join a company that – if one of their practices does NOT work – will support you in creating a more effective solution for your franchise location – and perhaps many others as well.
Have You Done Your Homework?
You’ll need to do a lot of reading about all the franchise options you have available. It is important to note that you don’t need to have prior experience with a specific industry before you make a franchise investment, but of course, it always helps.
Ask yourself: what are your priorities? Are you looking for something you love, are you looking for big financial gains or both? Answering those questions is the best place to get started. Then, dive into your research and don’t be afraid to reach out directly to the franchise corporate offices. Even better – get in contact with some of the other franchisees for that business. You’re likely to get an honest account of those people who are in the thick of the franchisee side of things, and that can be a game changer as you continue researching your opportunities.
The Physical Therapy Now Franchise Operation
As you research your franchise opportunities, take a look at Physical Therapy Now. This fast-growing franchise operation is growing rapidly at 53 locations in the state of Florida as of June 2019 – and more are in the works. With locations in Florida, Texas and New Jersey, the footprint of Physical Therapy Now is growing at a steady pace. To learn more, go check out our website or – even better – give us a call at (888) 481-4582.