What to consider before agreeing to franchising
Franchising may seem like a really attractive idea to you. But actually, this type of working does not suit everyone and there are plenty of questions you need to ask yourself in order to assess whether you are suited to the franchising way of working.
Firstly, you need to think about whether you are physically fit. Running a franchise is a lot of hard work, so you need the physical fitness to match your intellectual capabilities.
You also need to question how much money you have to invest. You will need to invest a lot of your own money into a new franchise venture so you need to assess whether you can afford to do this.
Another thing to think about is whether you could survive on a lower income than you have now. In the first few months of franchising, you may not be earning as much as you are used to so you need to decide whether you are financially stable enough to cope with that.
And another important thing to think about is whether your partner is happy with your new venture idea. A lot of your time and investment will be going into the franchise so you need to ensure that your partner is happy to put up with the difficult times in order to reap the rewards later on. The last thing you want is for your franchise to negatively affect your relationship.