You've decided to take your career to the next level by buying a franchise. Now what? With more than 3,000 franchise brands in the United States, how do you find the one for you?
The answer is a balance between objective performance indicators and gut-level instinct. Before you begin, write a list of your wants, your needs, and your budget, as well as the things you're good at and enjoy doing versus those you're not good at and hate doing.
You don't have to do all of this alone - nor should you. Plan to have a team behind you: a broker (if you're buying an existing location) with a lawyer and an accountant when you're in the final stages. But in the end, you will be one of your own most critical resources when researching the franchise opportunity that could change your life.
1 Start with yourself.
Before anything else, ask yourself the following questions:
Why do I want to own a franchise? Can I really see myself doing this? If you're in this to get rich quickly, look elsewhere. Prosperity should be your goal, but you should know it will take a lot of hard work to get there. If your aim is to have more control over your career by running your own business, consider whether you're ready to be the boss in difficult times, like when sales are slow or the team isn't performing.
This story is from the Startups - Fall/Winter 2024 edition of Entrepreneur US.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the Startups - Fall/Winter 2024 edition of Entrepreneur US.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
How to Succeed With Gen Z Workers
People often say that younger employees are different. But are they? We asked six business leaders what they've learned, and how their teams thrive.
There's No Perfect Answer
I worked the same job for 19 years. I hated it, but it paid the bills. Then, in 2017, I entertained an exciting but terrifying question: Could I be an entrepreneur? I wasn't sure, so I needed something that felt like a guarantee. I searched for signs that would feel like a big, clear \"yes!\" Instead, what I found was a tarot card deck.
10 HOTTEST TRENDS for 2025
Want to buy a brand that buzzes? Here's what to know.
BUILD YOUR MONEY MACHINE
A franchise isn't just a franchise. It should be a Money Machine, creating profit even while you're out of the office. Here's how.
The Top Franchises for Veterans
Are you a military vet looking to become a franchisee, or just want to support a brand that supports the troops? Check out these 150 brands.
20 LEADERS WHO ARE DEFINING ENTREPRENEURSHIP TODAY
In a year of disruption, we wanted to know: Whose work will define the years to come? We reviewed hundreds of names and picked 20 leaders across a range of industries and sizes. Meet them on the following pages, and see what it takes to thrive in 2025 and beyond.
How to Become a Main Street Millionaire
It started when I bought one little laundromat. Now I have a whole portfolio of small local businesses that bring in tens of millions in revenue a year. Here's why following my playbook could be your ticket to financial freedom-and saving America's local small businesses.
Want to Better Serve Your Clients? Become Them.
As a designer for brands, starting my own product company gave me a dose of humilityand it changed the way I relate to clients.
I've Been a Publicist for 17 Years.Don't Hire Me.
Entrepreneurs often think they need PR. Most don't. Here's why you're probably better off not hiring someone like me.
The CEO's Advice to the MVP
Kickstarter CEO Everette Taylor knows the formula for a successful launch. NBA champ Jaylen Brown recently launched a shoe and athleisure brand. They have a lot to teach each other.
