Picking the Perfect Franchise
If you have thought about starting your own business by becoming a franchisee, you might be overwhelmed by the options. There are a lot of great benefits to buying a franchise rather than starting a new business, but you might not get to experience those benefits if you are paralyzed by the infinite franchise opportunities or if you pick one of those franchise opportunities without careful consideration. Make sure you do your research carefully and spend a lot of time picking the perfect franchise for you.
The first, and most obvious, way you might think to narrow down your options is by choosing a franchise opportunity that is interesting to you. You might think you won’t mind cleaning houses a few days a week if it’s an easy franchise opportunity, but if you really hate cleaning, don’t even think about it. Likewise, if you hate animals, don’t even consider a retail franchise that caters to animals, even if you think it might be just like any other retail opportunity. Don’t make the mistake of picking something you aren’t interested in, because it will make it much harder for you to be successful down the road.
Secondly, try to pick something that you have knowledge about. Some franchisors require specific industry experience, while others do not. Either way, having knowledge about or experience in the industry will really go a long way towards your future success. You might not think it would matter if you know anything about fast food (beyond eating it) when buying a fast food restaurant franchise, but should you run into problems down the line, any prior experience you have could be invaluable.
Once you have figured out which types of franchise opportunities you are both interested in and somewhat knowledgeable about, it’s time to do research! There are many websites and directories of franchises that can give you a better idea of which businesses fall into your interest and knowledge categories. Once you have a more specific idea about which franchise opportunities you might want to pursue, you can move to the next step.
Evaluate and ask questions about the few franchises you have narrowed your options down to. Every franchise will have benefits and drawbacks so weigh them carefully based on what is most important to you. Consider things like how long they have been in business, what their business model is like, and how much support and training is offered, because these factors can greatly impact whether or not you are successful as a franchisee, and are the main advantage to buying a franchise as opposed to starting your own business. You might also want to consider things like how big the franchise is, how much control you have over your business, what kind of hours you will have to work, and what kind of investment you will have to make to get the franchise off the ground. The importance of these factors will vary from individual to individual, so you may have to do some soul-searching to find out what you really want from your franchise.
Filed under: Buying a franchise, Franchise Advice, Franchise Articles
Very well said! Wise choice of franchise opportunity makes your investment safe with a great potential of becoming bigger in value. As a successful franchisee, I have shared vital knowledge on this aspect in my franchise guide based on my extensive experience as such. There are essential steps to take in order to make safe choices, right start, and maintain sustainable success.