Learning the proper steps to evaluate franchise opportunities.So you’d like to buy a franchise, but you’re not sure what steps to take before you begin the purchase process. You’re not the first! There are a few early steps that you can take to help you understand what direction to walk in when considering starting your own business.

Become an educated buyer

First, you may have an idea of what industry you’re passionate about. Whether it’s fitness, culinary, or hospitality, you probably have a great feeling about the direction you’d like to go. Hold that thought! Before you consider purchasing a franchise within a certain industry, it’s critical that you evaluate the health of that industry as well as your transferrable skill sets and how they will be used as the role of the owner of that franchise business.

Identify Your Goals

Once you can identify your goals, matching you to the right franchise opportunity that will deliver everything that you want and nothing that you don’t is the key.  Make sure that you do not lead with a particular passion.  Having a passion for pizza does not mean you need to own a pizza kitchen.  In fact, that is the absolute wrong reason to buy a pizza kitchen.  Invest because it is a strong business model, not because you love pizza.  Being an owner or a pizza kitchen is far more different than being a customer at the pizza kitchen!  Have the passion to be your own boss and with success of business ownership will in turn give you extra time, money and freedom to spend on the things you are ultimately passionate about.

Dont Go it Alone

Careyann Golliver, a FranChoice business consultant in Denver, Colorado, can help you understand and evaluate your own goals, visions, and passions and find a franchise that will align with them. With over two decades of experience in entrepreneurship and franchising, she can provide critical feedback and guidance. Contact Careyann today 303.359.4021 or cgolliver@franchoice.com, or visit her on the web at careyann-golliver.franchoice.com.