Make sure your spouse says 'I do' when purchasing a franchise

Posted on September 21, 2010 by Franchise Gator Admin

Many ambitious entrepreneurs jump into the world of franchise opportunities head first, and while the will to succeed is an important element, there is also another variable that needs to be taken into account - the spouse or life partner.

Though two people can agree to love each other "for richer or poorer," many times the decision to start a franchise is usually made by one person who has become dissatisfied with the current job opportunities. At Smartcompany.com, franchising expert Jason Gehrke says that it is important, because of the tremendous financial implications, to discuss with a spouse what kind of franchise has piqued an interest and to get some feedback.

"There is the risk of disagreement between the couple about the decision, and a corresponding lack of support may follow, or the spouse will seek fault in their partner's decision by actively looking for flaws in the franchise offer or the franchisor themselves," Gehrke wrote.

Starting a franchise is often a great opportunity to ally one's self with a proven business model for success. It is important to take into account other members of the family when making the decision, as it will mean a large time and financial commitment.