One of the things I love about my job is seeing people realize their dreams of owning their own business. I'm so proud of these people because it takes a leap of faith to start your own bakery!
From watching people go through the decision-making process with Great Harvest for over fifteen years, here are my top 5 questions to ask yourself as you search for the right franchise business:
1. Are you passionate about what you'd be selling? Owning your own business is a lot of hard work. If you have passion about what you're making and/or selling, it will carry you through a lot of the long days and challenges ahead.
2. Have you interviewed other franchise owners? Ask them what their average day is like, what they like about the business, what the challenges are for this type of business.
3. Is there a market for your product or service? Talk to your friends, neighbors and some complete strangers to get their reactions. Research the industry. Talk to your local small business development center or chamber of commerce. Try to get a sense for whether or not the size of the market is growing or shrinking.
4. Are you willing to admit that you don't have to have all the answers to every question? As a small business owner, you have to wear many different hats. Some aspects will be easy for you, but you'll have to rely on experts or employees in other areas.
5. Are you strong enough financially to take this risk? Talk to a business advisor about the specifics of your situation. Make sure you have enough working capital to weather the challenges of owning your own small business. If you go in with too high of a debt load it is hard to sustain the business in the long-term.
What else should be on this list?
