Many people dream of owning a business and becoming successful entrepreneurs. This can be achieved several ways, one of which is becoming franchise business owners. Unlike starting a business from scratch, owning or buying a franchise offers several benefits. However, franchise business ownership requires adequate planning and determining the right time to start and own a franchise.

So, when is the best time to buy a franchise? Read on to find out.

The Right Franchise Candidate

Before owning a franchise, various factors determine if you are the right candidate. Some of the elements that make you the right franchise candidate include:

• Willingness to adhere to a proven business model
• Enjoy being part of a successful team
• Understanding how to work under someone else's guidance to meet your goals
• Having a proficiency in operations, managing people and systems or sales
• Being financially stable, with a reasonable net worth as well as adequate liquid capital to establish your business

What Are Your Motivations?

If you meet the above mentioned criteria, the next step entails readiness. Determine why you want to be a franchise and explore franchising opportunities. For instance, suppose you are looking to change careers or are concerned about job stability – considering alternatives is essential. No one wants to lose employment, so it is natural to desire more control over your employment status.

Becoming a franchise owner can give you the lifestyle you have dreamed of, and lets you create a legacy for your children. This means owning a business that your kids could get involved in and ultimately take control of. Some people are tired of working for a specific company and need a change. Others would want to buy or own a franchise because they are ready for a major lifestyle change, have capital and find it the right time to become franchise owners.

Different people may have unique and valid motivations to buy or own a franchise. Before buying a franchise, however, understand your motivation and why you really want to buy one. 

Timing Is Everything

Being the right franchise candidate and having the right motivation are critical aspects when considering franchise business ownership. Several factors will determine the best time to purchase a franchise. For example, it would be tricky to buy a franchise when your kids are in elementary school because you require adequate savings to build their college funds. Therefore, the best time to buy a franchise is when you have the desire, capital, and resources to move forward.

Measuring Risk vs. Reward

The ideal time to buy a franchise is when you feel comfortable taking a risk. Although franchised companies are less risky than traditional startups, all ventures have some level of risk. If you are a brand's first franchisee, the venture can be exciting and you might receive full attention and partnership with the corporate office, but you are venturing into a less proven concept.

Contrarily, starting with an established franchise brand when looking to become a business owner may have more structure and not be as exciting. However, it provides more certainty that the franchisor has adequate capital and resources to support its franchisees. Generally, you have to determine the amount of risk you can handle.

Learn More About Buying a Franchise with Franchise Genesis

Buying a franchise is a life decision because it does not accompany a guarantee of success. Like any other business, a franchisee works extra hard by investing their time, energy, and commitment to make it successful. For more information on when to buy a franchise,  contact us at  Franchise Genesis to learn more today!