Starting Your Franchise Search

AllBusiness:

There are about 3,500 franchise and business opportunities to choose from. What are your chances of finding one that is a nice fit for your personality traits, your professional background, and your lifestyle desires? Even if you are not schooled in statistics {or in my case, Pre-Algebra} , there must be some chance in finding an opportunity in franchise ownership. Even if you are in a negative frame of mind because of the economy, the job market, or some nice home based nagging, you have to be able to see some light at the end of the tunnel, right? Below, are some suggestions on how to start searching for that perfect franchise. {Well, perfect for you!}
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1. Do a self analysis of your strengths and weaknesses, including what you like to do.

2. Do a personal net worth statement. Make two columns on a sheet of paper. One column should list all your assets.The other column should list your liabilities. The difference between the two is you net worth. I suggest a minimum of a $250k net worth with the ability to write a check for $50k, and borrow more in the form of a bank loan if you want to seriously look at some ideas. Legitimate franchise opportunities do not cost only $20k! {And if you do find that has a total investment of $20k,run!}

Read Joel Libava’s full article.

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