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Questions to Consider When Buying a Franchise

There are so many franchising opportunities that it can seem overwhelming when trying to make a decision. How do you know which one is going to fit with your vision and what you are trying to accomplish? Start by asking these four questions:

Does this franchise offer you the lifestyle you want?

One of the biggest draws to Caring Transitions is that you will be working out of your own home. Meet employees where you choose, whether it’s your house or a local restaurant. You will be meeting with your clients in their homes – it’s a much more personal atmosphere than the corporate world.

Does this franchise allow you to focus on your passion?

Make no mistake: running your own business is a lot of work. With all the time you will be spending in it, you need to make sure it’s where your passion is. Most of our franchisees are passionate about helping others. Do you enjoy project helping people find solutions when they feel confused or overwhelmed? Or are you more of a project manager? 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?

As a counterpoint, does it offer the flexibility you crave? There are several franchises, all with a different amount of support. Some may give you little beyond the right to use their imagery and branding. Others may tell you how to do every little task, with zero flexibility. When evaluating franchises, make sure you pick one with the amount of support that works best for you. To see what Caring Transition 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.  Are you planning to retire after the first ten years? Pass it on to your children? 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! One of the biggest draws to a lower-cost franchise is that it can be easier to sell; just like it was easier to buy.

If you want more information on Caring Transitions, contact us today!