5 questions to ask before choosing a franchise to partner with - Business Insider

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Franchise owners make an average of $1 million in annual profits per location. Use this checklist to decide if buying into one is right for you.

, shared with Business Insider the questions he uses to help entrepreneurs understand what kind of business is right for them.

Just as you shouldn't apply for a job or buy a house in a location you can't imagine yourself living in, prospective business owners need to do a bit more research to know where the opportunities are. If you're looking to partner with a franchise, you'll need to confirm that the parent company is looking to expand in the geography you're interested in.

It may not make sense to use up every dollar you have available, so Bisio counsels clients to come up with a few different investment scenarios."You could go out and open an engineering business tomorrow, and nobody would stop you because it's a free country," Bisio said. "The question is, should you do it?"

Many franchisers offer training for new franchisees, but but it might be worth developing key skills with another employer before becoming a boss of your own.Beyond knowledge and skills, your personality profile will have a major bearing on your entrepreneurial experience.

 

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FestusNIG My friend's family owns a franchise in the US. They don't make anywhere near a million

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