Issa Asad Says Franchise Owners MUST Ask These 3 Questions
If you’re planning to become a franchisee, then, you should start now as many successful franchise establishments usually employ many job seekers every year. The franchising business has many undeniable benefits, but there are some considerations which you should take into account when making your decision.
Majority of people decide to own a franchise with the belief that they will get guaranteed success.
“Unfortunately, achieving their goals is not automatic, thus as a potential franchisee, you should do comprehensive research before committing your finances into a significant investment,” said Issa Asad Florida entrepreneur and social media expert. Mr. Asad is the CEO of Q Link Wireless and Quadrant Holdings, located in South Florida. He is also the author of 4 e-commerce and marketing e-books that can be purchased on Amazon.
To achieve the desired success, it’s essential that you should plan, you can ask yourself many questions to get a real picture of how your life as a franchise owner will be portrayed.
If you are having some difficulties on which questions that you should ask, then, you should not worr; Issa Asad Says Franchise Owners MUST Ask These 3 Questions:
1. For which duration the franchise business has been in existence?
Before you start operating a business, you should know its longevity; hence it’s vital for you to ask questions that will help you understand the historical information of the industry. You should know the founders as well as their underlying motives and goals while starting the franchise business. It will help you to assess your motivations and then ensure that you will have a similar purpose for this industry.
You should know franchiser’s experience while developing their franchise business. Often, the entrepreneur who is successful in a franchise business has multiple success tips in their activities which they have launched. Understanding the franchisers drive and motivation will ensure that your franchise business will succeed.
2. How much cash will you need to invest before you start operating your business?
When opening a business, committing your finances is not an easy task, and it is usually one of the essential deterrents or questions. While starting a franchise, the initial capital investment might greatly vary, for this reason, it’s imperative for you to discuss the topic with a franchiser to clearly understand your principal investment. You should ask yourself how much capital and net worth do you need, the initial cost of finance and the amount of the underlying franchise fees and start-up costs.
Franchise businesses come in all sizes and shapes. Some have higher upfront costs while others charge low up front, but you can get a more significant proportion of the sales that you want to do with your business. You will have more options when you start with higher upfront costs.
3. How many franchised stores are currently operating and where?
Whether you are considering a long-standing brand or a newly established franchise, it’s essential for you to know the number individual franchise stores that are currently operating for you to to get an idea of the real underlying market share. Franchising provides the independence of growing business ownership that is supported by the advantages of a vast business network; nevertheless, it’s advisable that you should find a franchise establishment that already has a reputation.
By knowing the number of franchise stores that are currently operating, it will give you a rough idea of the overall success of your franchise operation, as well as their location. It will also enable you to determine an ideal location that you might consider to establish your franchise, mainly where they don’t exist.
Remember, deciding to own your franchise business will help you to get a rewarding and meaningful career that matches your passion.