When you make any major decision in your life, you’ll likely weigh your options and think hard on whether that decision will be the best choice for you — which is usually based on several factors. Well, one of the biggest decisions any entrepreneur can make is taking a step forward and open a franchise.
Since opening a franchise is a decision one shouldn’t make lightly, there are several questions you should ask yourself before embarking on the journey.
Does This Brand Align with My Values?
From the very beginning, you’ll want to know that the company you’re interested in franchising with stands for the same things you do. The more in common you two have, the better off you’ll be from the get-go.
How Successful is the Brand?
Of course, you’ll want to know you’re investing in a successful company, so do plenty of research and ask questions about how the brand is doing. What are the average profits of each location? How many locations do they currently have? Do they have plans on expanding further?
Do I Have the Capital?
As the saying goes, “you have to spend money to make money,” so it’s important to first determine if you’re able to meet the financial obligations necessary to open your franchise. This may include meeting the requirement of liquid equity, having a loan source to cover costs, etcetera. You should also research any potential ongoing fees you may have to cover as time goes on.
What is Your Role as a Franchise Partner?
Will you be more hands-on or hands-off as an owner? The better you know your role and how active you’ll be in your business, the better you’ll know if this is the right franchise for you.
If you’re looking for a business opportunity that brings a hometown family classic to your community, consider Huddle House restaurant ownership! We are a 55-year old family dining franchise famous for ‘round-the-clock breakfast, Southern hospitality, and being the best place in town for friends to gather.
Contact us today to join our legacy!