If you are thinking about buying a franchise now, then there are some questions that you should ask yourself.

The more honest that you are with yourself, the less likely that your franchise may become a problem for you later.

Some questions you should ask yourself include:

• Do you have any business experience or education and is it sufficient to run a new business, even when a franchisor has done much of the work for you ?
• What are your passions in life and how can you ensure you retain them whilst running a new franchise business ?
• How well do you cope with stress ?   It may well increase as you start         your new business.
• What are your personal strengths and weaknesses and how with they affect the success of your new franchise business ?
• Are your personal finances in shape? What do you need to do to prepare for getting additional funding to operate     your new franchise ?

Selecting the Right Franchise

Here is a typical process to start a franchise:

• Research to find a franchise that best suits your interests, funding, location, etc.;
• Contacting the franchisor and submitting an application;
• Financial and legal review of the franchisor’s Disclosure Document, Franchise Agreement and any additional documentation, such as a Licence to Occupy premises or a Lease;
• Creating a business plan that details how you expect to make a  profit, as well as using the plan to get sufficient funding;
• Signing the Franchise Agreement (and any other documents) and paying the initial fee;
• Franchise training to meet the franchisor’s requirements; and
• Preparing to open your franchise business, which may include building and fit-out works, permits and licenses etc., before you can formally start your operations and invite customers.