Considerations and goals in franchising

With every business venture, there are rewards and/or risks. Unfortunately, when looking at a franchising business, you may get carried away with the excitement of having your own business and overlook the possible risks associated with this business. Therefore, it’s important to consider…

• Whether you have an idea on how owning a business will change your life;

• What your intentions are in purchasing this franchise;

• Is your judgment clouded by the prospect of wealth and nothing else;

• What your current financial situation is;

• What the specific goals of which you are trying to achieve;

• Whether the business is related to something that you enjoy doing;

• What assets you own (e.g. home, shares, investments,  property, cash);

• What liabilities you own (debts, loans, mortgages);

• Is the franchise business going to be your primary or secondary source of income?

• Is the venture going to be your living, hobby, or both?

• Are you aware of the costs required to purchase this franchise?

Have you conducted thorough research on the payments required to buy the franchise?

Conclusion

For more information of the best approach to operating a franchise, or starting your own franchise for that matter, call LegalVision on 1300 544 755 to speak with one of our franchise lawyers today.