THEDCO Consulting, L.L.C.

BE IN BUSINESS FOR YOURSELF BUT NOT BY YOURSELF

Can You Do It?

1.  Am I willing to take on the responsibilities of managing my own business?

Franchisors provide training and support but Franchisees must manage their business.  This can mean long hours and hard work.  You will also be required to perform a broad range of tasks.

2.  Will I enjoy the franchise?

Don’t start by just looking at a bunch of franchises.  Start by determining your interests and needs.  Then look for a franchise that meets them.  Only after finding such a franchise do you commit your energy and money.

3.  Am I willing to follow the franchisor’s system?

You are investing in a franchise to profitably fulfill your dream.  Always remember that the franchisor is also investing in you.  They have a specific system that has provided their franchisees with success and their customers with high quality standards (that’s why you have chosen them).  Are you willing to follow these procedures?  It is said that most franchisees that fail have thought they had a better way or certain steps in the system were unnecessary.  If you are not willing to follow the franchisor’s system – don’t invest in it.  You will be much happier considering starting your own business from scratch.

4.  Am I good at interacting with people?

Your success will depend on your ability to get along well with the franchisor, other franchisees, customers and employees.  Assure yourself that you will enjoy and be good at this!

5.  Can I afford the franchise?

Because the Federal Government has placed certain rules on the franchisor, you will have a good idea of the “start-up” costs.  You will also need enough money to run the business and cover your living expenses for a period of time.  This is where we feel it’s extremely important to discuss your potential investment with an accountant who will assist you in a business plan.  A good source for assistance is the SCORE web site http://www.score.org/template_gallery.html that has financial forms that not only assist you in your study but the same forms can be used when discussing financing with lending institutions.  It is recommended that you plan conservatively (the bank will).

6. Do I have family support?

Whether you are starting a business from scratch or buying a business it is a family decision.  Your family must realize that you will have demands on your time and they must be supportive in your decision.

Before investing your time and money in a franchise

Be sure you can answer YES to these questions