Do you have what it takes to run a franchise?

Many baby boomers may see buying a franchise as a ticket to wealth and an escape from the corporate rat race.

But not everyone was born to run a business.

• Willingness to study and find a good fit. With all the franchise opportunities out there, potential owners need to look for businesses that they will enjoy and that will let them meet their goals. "Do your homework and find an organization that will do a good job of providing training and support," said Keith Gerson, vice president of marketing and development for Salt Lake-based AlphaGraphics. "Franchising is one of the most incredible ways to get into a business and realize a goal of accumulating wealth . . . and enjoying your lifestyle."

• Start-up money. Randy James of FranNet in Midvale said initial costs for a service franchise can run up to about $100,000. For a retail business, those start-up costs can rise to $150,000 to $350,000. And for some franchises, including full-service restaurants, the costs can run into the millions.

• Risk tolerance. The franchisor provides security with its structure, policies and track record of success. However, James said, the franchisee "is going to have to be able to deal with enough risks that they can face the reality of going financially backward for several months before they start going forward."

• Money management skills. "I think you need somebody who can manage money, because there's a lack of money for the first two years," said Richard Perreault, who owns the Salt Lake Metal Supermarkets franchise.

• A personality conducive to customer service. "The owner is very involved in his business in a franchise," Perreault said. "You can learn the terminology, and you can learn to plot numbers to get the dollars and cents, but you still need to be personable."

• Determination and "gumption." "If you have somebody who is driven, who has a lot of desire and who is good at planning and good at completing tasks and getting things done, that kind of person could probably do quite well," said Rick Huggins of Lehi, who owns the FiltaFry franchise.

E-mail: gkratz@desnews.com