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It can be tough to decide when you're ready to buy a franchise. After all, good timing is important. At the same time, some people never believe they are ready and miss out on the opportunity entirely. If you're not sure if your right time to invest in a franchise is now, consider the answers to the following questions.
What is motivating you?
Assuming that you are ready to follow a business system, have the money to invest, and are prepared to put in the hard work required, the next thing to consider is your own readiness. Why do you want to be a franchisee? This is an answer that is going to vary from person to person, but your answer can still be very revealing.
If you got laid off, for example, it's not unusual to consider alternative careers, such as owning a business. As long as you're not letting your fear of losing another job drive your decision-making, that scenario could be a good motivator. Maybe you want to start a business to leave something for your children, and there's nothing wrong with that. Be completely honest with yourself about what is motivating your decision so you can be sure it's the right one. Do you really want to buy a Canadian franchise, or are you pursuing this to cover for something else?
How's your timing?
Having the right reasons to get involved with a franchise and being qualified to buy one are both very important factors when you're thinking about investing, but the timing has to be good, too. For example, as much as you may hate your job and want to quit to work for yourself, it's possible you simply aren't in a position to do that right now because other factors are in play. Maybe your children have educational expenses that you can't afford to cover if you're investing in a franchise. Starting a new business is stressful and time-demanding enough, and you're setting yourself up to fail if you go in when you are at a disadvantage because of your current circumstances.
It's not always easy to pinpoint exactly when it's the perfect time for you to buy a franchise, but if you have the money, drive and desire to own one, it could very well finally be the right time to get moving.