What Does It Take to Succeed?
Most candidates ask themselves the key question of “Do I have what it takes to run a successful business?”
Key Elements to being a successful franchise owner:
- Do I have the drive to own and run a successful franchise business?
- How strong is the business system being offered by the franchisor?
- Will the franchise be a good fit for my skills, passions and strengths?
- Will I enjoy my business?
- Will I have the support of my family?
- Am I willing to follow a proven system?
- Can I afford the franchise and the ramp up time to build the business?
- Will the franchise be a good match to meet my lifestyle and financial goals?
These are a few of the key topics we will be discussing as we go through the discovery process and build out your personal business model.
There are 3 Different Options for Achieving Your Dreams through Business Ownership
- Start a business from scratch
- Buy an existing business
- Purchase a franchise
|Options||Availability||Proven System||Correlation Between Investment & Profit Potential||Support After Purchase||Risk Factors||Attractive to Lenders?||How to Predict the Results||Making Changes|
|Build From Scratch||Unlimited||No||None||None||First Time Effort||No||Projections based on your assumptions about the market||Up to Owner|
|Buy an Existing Business||Limited||Maybe||High||Limited or None||Hidden motives or incorrect information from seller||Maybe||Projections based on historical results of the business||Up to Owner|
|Purchase a Franchise||Many||Yes||None||High||High variability of quality among franchises||Yes||Projections based on results of franchisees in the system||Some aspects likely limited by the franchise agreement|