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Before I answer that question, let’s make sure franchise business ownership is something you should even consider. Makes sense, right? Let’s begin.
The Right Franchise Candidate
In a perfect world, you’re considered to be the right candidate for owning a franchise if you are:
- Completely comfortable following a rigid business system
- At ease with the idea of using someone else’s brainchild to reach your goals
- Perfectly happy with not being a full-fledged entrepreneur
- Experienced in either operations, sales, and/or managing people and systems
- Financially comfortable, with a decent net worth, plus enough liquid capital to start your business
Suggested reading: How Much Does It Cost to Buy a Franchise?
What are Your Motivations?
Assuming you meet the criteria above, the next step in the process has to do with readiness. Your readiness.
The first step in determining readiness deals with why. Why do you want to be a franchisee? The candidates I’ve worked with over the years have given me several different reasons for wanting to investigate franchise opportunities.
For example, when you get downsized (and your anger subsides), it’s normal to start thinking of alternative career choices, like business ownership. After all, who wants to go through the loss of a job again? It’s natural to want more control over your destiny after getting such a big reminder that you weren’t in control of your employment status.
Another popular reason that comes up is becoming the owner of a business in order to create a legacy for their children. I can’t tell you how many times I’ve heard this: “It would be great if I could start some type of business that my kids could get involved in and eventually take over.”
Other popular “I want to start a franchise” reasons I’ve heard over the years include:
“I’ve been involved in sales management at the corporate level for 25 years now, and I’m done. I’m really burned-out and I need a change.”
“The timing is right, Joel. I have the money, the kids are all done with college, and I feel that if I don’t do this now, I never will.”
“I’ve always wanted to own my own business. But I don’t want to re-invent the wheel. Franchising seems to be the way to go.”
Without a doubt, all of these reasons are valid. I’ve heard other reasons for wanting to buy a franchise, too. But the ones above are the popular ones. Before you buy a franchise be honest with yourself about your motivations. Do you genuinely want to buy a franchise, or you pursuing franchise ownership as a cover for something else?
Timing Is Everything
When you’re considering franchise business ownership, being qualified to buy a franchise, and having the right reasons to do so are crucial. But there’s something else that must happen.
The timing has to be right.
For example, as much as you’d like to quit your lousy job so you can be in business for yourself, you may not be able to do it now. That’s because other factors may be in play. For instance, your children are in elementary school, and you need to be in full money saving mode now to build their college fund.
That’s just one example of how timing can affect your decision to become the owner of a franchise. There are others.
That said, the best time to buy a franchise is when you have the money, the desire, and the wherewithal to move forward.
The Franchise King®, Joel Libava, is a top franchise expert. He’s written over 2,000 different articles on franchise ownership and personally consults with people who are looking to buy a profitable franchise. Go here to find out how The Franchise King® can help you become your own boss.