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Top four tips for choosing the right franchise for you

Written on the 25 October 2013

Many people dream of the independence offered by starting their own business, but not everyone has the business training or financial security that may be necessary to get started on their own in competitive environments.

Franchising reduces the risk involved in running your own business, but can still be a perfect fit for anyone interested in being their own boss and making the most of their free time. Here are four important criteria to consider before buying into a franchise.

  1. Your skills

If you already have years of experience working in a particular industry or role, dont let these skills go to waste. Franchises exist in all shapes and sizes, whether youre interested in retail, eCommerce or other areas, and even if youre not confident about some aspects of the business, youll have access to full training when you join an established franchise with a proven business model.

  1. Your personality

Tired of being unappreciated? Want to be your own boss? Franchising is an ideal fit for people who love to take charge, but can be just as suitable for those who are comfortable following the lead, as long as youre comfortable with whats required of a franchise owner. If youre not drawn to the risky world of investments and startups, joining an established franchise with years of experience behind it will reduce the risk considerably and offer greater economic certainty.

  1. Work-life balance

Business-to-business (B2B) franchises work with other businesses and will normally operate five-day working weeks from nine to five, keeping your weekends and evenings free. If your hours are more flexible, you could look for franchises with more demanding management roles to maximise your earning potential.

  1. Support

One of the major advantages of franchises over starting your own business is that the hard work of getting the business off the ground has already been done for you. An established franchise system should offer ongoing support to franchisees, which will be explained in disclosure documents when you join and mean you will never have to deal with problems alone.

Contact Snap to learn more about franchising opportunities that match your lifestyle.

 


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