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Questions to Ask When Buying a Franchise

There are thousands of franchise opportunities across hundreds of industries. How do you know which is the right fit for you? We’re going to break down the top 4 questions you need to answer before you get your heart set on a franchise concept.

Does this franchise offer you the lifestyle you want?

What made you start looking into owning your own business? For many, it’s they hate getting up every morning to go into a drab office at 8:00 AM every day. If that’s you, then you definitely don’t want to start a franchise business where you’ll still be going to a gray office building, surrounded by cubicles, and dealing with office politics. One of the biggest draws to Fresh Coat is that you will be working out of your own home, and you can invite your employees over or go out in the field and meet them – whichever you choose. If you think having a normal office job is boring, don’t expect that to change just because you’re in charge.

Does this franchise allow you to focus on your passion?

Running your own business is a lot of work – anyone who tells you otherwise is selling you a dream. With all the work and time you will be pouring into this venture, you need to make sure it allows you to focus on what invigorates you. Some people think that only means the product or service you sell, but that is quite limiting. Do you enjoy project management, receiving genuine gratitude from customers, and networking with other businesses to promote your own? Or would you rather be focusing on the finances? The type of work you are passionate about should be a huge factor in picking a franchise concept.

Does this franchise give you the support you need?

Also, as a tangent, do you want the support that it does give? There are several franchises, all with a different amount of support. Some may just give you the license to use their branding, and that’s it. Others may tell you how to do every little thing, down to what model of every item you must use in your business. When evaluating franchises, make sure you pick one with the amount of support that works best for you. To see what Fresh Coat offers, click here.

What is your exit strategy, and does this franchise opportunity fit it?

This is one that is often overlooked, but one you need to consider. Let’s say your plan is to do this for ten years and then sell off the business when you retire. Even if you can afford a franchise fee of several hundreds of thousands of dollars, remember that you’ll have to find another buyer who can afford it AND who wants to be locked into your territory!

If you want more information on Fresh Coat, contact us today!