Most franchise companies have set forth a number of criteria against which you will be evaluated, such as:
Financials - they don't want you to be overextended on your purchase, thereby putting pressure on your ability to succeed, so most franchises have minimum liquidity and net worth requirements for investors.
Your skills and/or experience should be a close match to those of other owners who have been and are currently being successfully with the concept. Take our free assessment.
Your personality should be suited to the role you would need to play as an owner.
Your support system (spouse, partner, children, extended family and friends) must be willing to back you up as you launch your venture.
Buying a franchise is not like buying a car, a house, or picking stocks and mutual funds. Too many potential franchisees fall in love with the franchise product or service without really understanding whether or not it is the right choice for their situation. There are many well-known brands out there that don't allow you to make much money on your investment unless you own quite a few units; others models have reached a state of maturity which means that the real money has already been made. When it comes to selecting a franchise to invest in, you really have to know what you are doing.
The smart approach is to use a franchise coach like me who can help you assess your skills, needs, wants, desires, goals in order to match you to the franchise opportunities that would be right for you. My service is free-of-charge and will save you time and money in the long run by introducing you to the concepts and opportunities that make the most sense for your unique situation, and by guiding you through a systematic evaluation of those concepts relative to your goals and objectives.