Here at Pango Financial, we provide funding options to a variety of clients to ensure that they find the perfect business funding strategy to meet their goals. But, there’s one major step that needs to happen before those entrepreneurs can even make it through our doors. They first need to select a business or franchise worth investing in. And, that’s not always an easy selection. When you talk about investing in a franchise concept, you’re typically talking about a significant amount of money and a life altering decision — it’s important that you find a franchise that’s right for you. So, if you’re looking for a business investment and you’re not sure where to start, consider these things when you begin your search. Get to Know Yourself Before you jump into a franchise opportunity, it helps to know what you like to do and what you hope to accomplish. It’s important to be introspective and honest with yourself. There are thousands of franchise concepts in the world, and all will be happy to take your investment dollars, but that doesn’t mean that it’s the right fit. Ask yourself things like — What role do I want to play in the business? What are my personal goals? How much do I want to invest? People buy into franchises for a variety of different reasons all the time, so identify your motivating reason and start compiling a list of potential options. Narrow Down Your List Now that you have defined your motivating reasons and business goals, you should be able to start crossing a number of concepts from your list immediately. To do this, it helps to ignore specific brands, and instead look at whole industries and markets. Are you interested in retail or a home-based franchise? Do you want to enter into a niche market or stick with concepts that are well known? When you ask yourself these questions it’s important to do so logically. Opening a costume shop for dogs may sound like a fun career choice, but is it really going to fulfill the business goals you’ve set for yourself? Do Your Due Diligence Once you’re able to shorten your list of potential franchises, your energy should shift to some diligent information gathering. On average it takes anywhere from two to four months of profound research to even come to a point of understanding for what you’re looking for. But, your due diligence will pay off in the end. Don’t be afraid of research and homework — it’s time well spent. This can, and should, include talking to fellow franchisees and of course the franchisors themselves. Get as much information as you can from the direct source, and then get more information from third party sources. It’s important to gather objective and honest information about these franchises during this point in your selection process. Organizations like the SBA and International Franchise Association will be valuable resources to you during this time. Pango Financial is here to help you through the franchise discovery process. Once you have selected the right franchise for you, a Pango Financial specialist will provide help and expertise in funding your franchise. We make the funding process simple and as affordable as possible, so you can focus on launching your new franchise. Contact us today for more information!]]>