6 Strategic Questions to Ask Yourself When Buying a Franchise

Buying a franchise is not a decision to be made with haste. A franchise is a serious investment, and the last thing you want to do when investing in one is to end up with a business that doesn't support you or is far too difficult for you to manage. Thankfully, you can make sure you make the right choice in franchise investing by doing your own due diligence. Here are six strategic questions to ask yourself when buying a franchise to ensure you make the right choice.

1. Can I See Myself Running This Business for Years to Come?

A great franchise opportunity for you is one that you can see yourself operating well into the future. You might be passionate about it, or you might enjoy the industry so much that the more mundane work doesn't bother you as much as it might bother others. If you can't see yourself running this franchise for a while and would likely abandon it, it's not the right fit for you.

2. When Will I Recoup My Initial Investment?

Franchises that cost more money are likely those with the major brand names. However, that doesn't mean they're the ones you should immediately spring for. They may cost a lot to finance, which makes it more difficult to pay them off and start profiting from your efforts. Ask yourself, what's the ROI? When will you see your franchise finally pay off and start making money? Then, figure out if that timeline is satisfactory to you.

3. Is This a Franchise With Staying Power?

Some franchises sound great, but they're a trendy franchise rather than a franchise that's going to remain relevant and keep making money. Is your chosen franchise a franchise with staying power, or is it one that will be struggling to stay above water in the future? This is an important question to ask if you want to invest in an asset rather than a liability.

4. Does It Offer Any Training or Support?

Unless you've run a franchise before, chances are that there are elements of running a franchise you're not so sure of. A franchise worth investing in will offer training and resources to help you learn what you need to do in order to be successful. If a franchise doesn't offer this, you might need to look elsewhere. Alternatively, you'd need to be comfortable with doing everything on your own if it's a franchise you truly love.

5. What Do Customers and Franchisees Say About It?

Are customers and franchisees happy with your franchise? Satisfaction from both parties is crucial to getting a franchise that will thrive, and one that you will likely enjoy running.

6. What Will Your Life Look Like?

A franchise is supposed to give you greater personal and financial freedom. If your franchise is going to require 24/7 attention, take up more of your time, and cause you a great deal of stress, it might not be worth your time.

Buying a franchise requires care and consideration. Set yourself on the path to success and satisfaction by asking these six questions as you shop around for the right franchise investment opportunity.