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6 Tips to Consider When Searching for a Franchise for the First Time

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With over 3,000 different franchise concepts to choose from, the intense search to find the perfect match for your goals, income potential and lifestyle can leave you wanting to get started right away. But before you do, pull back on those reins and make sure you’re squarely in the saddle before you begin rounding up your preferred choices.

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The last thing you want to do is rush headlong into an ambush of your own doing. But if you follow this advice, you’ll have a much better chance of leaving your troubles behind and riding off into the sunset.

If you’re searching for a franchise for the first time, here are six tips to consider.

1. Crack a spine or two

In this case, cracking a spine or two means you should read a good book or two about becoming an entrepreneur, starting your own business or even franchising in general. There are thousands of great books on the subject, and you don’t have to begin with Franchising for Dummies. Absorbing knowledge from a great book or two at your own pace of reading is also an exercise in patience — which you’re going to need once the franchise search process begins.

Related: 3 Books Every Franchise Buyer Needs to Read

2. Clear up this one misconception

Have you heard the one about the accountant who hated his job, so he went out and bought an H&R Block franchise instead? Many candidates researching franchises for the first time mistakenly lock on to concepts that mirror their previous experience, skills and career path. But when you decide to franchise your way to business ownership, your focus should be on finding a concept that matches up with the entrepreneurial lifestyle you’re going for — not where you’ve been. Remember these truths: You don’t have to love the particular product or service your new franchise offers. And you don’t need an emotional connection to your business. Business ownership is a means to an end. If it checks off the goals, income and lifestyle you want, it’s a fit.

3. Do your market research

Before beginning the search for a suitable franchise, you should investigate the current market and determine where there’s a demand. We’re not

Source: Entrepreneur.com

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6 Tips to Consider When Searching for a Franchise for the First Time

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