Franchise candidates need to follow a specific process if they want to find the best franchise opportunity that fits their franchise profile.
Its important for franchisee candidates to find the best franchise opportunity that fits their profile. There are resources available to assist a prospective franchisee in their search, including the Internet, International Franchise Association, FTC and The American Association of Franchisees and Dealers. The best approach is to match the best franchise opportunity to your financial resources, business skills, experience and personal objectives.
Finding the best franchise opportunity for you is not difficult when you follow the right process. Read these 10 tips so you’ll be able to find the best franchise for you. Be sure to obtain professional advice from a franchise attorney and accountant when you’re ready to evaluate the franchise.
- Have the right franchisee traits
Operating a franchise can seem restrictive for people who are creative and entrepreneurial. Following the requirements of a franchise can be challenging for people who want to be in control and make their own decisions.
- Choose the type of franchise that appeals to you
The franchise you invest in should bear a relation to what you enjoy doing. Most franchises require long- hours so you don’t want to be involved in a business that you don’t like.
3. You’ll need the skills and experience to operate the franchise
Be sure you’re comfortable with the marketing and business skills needed to operate the franchise. Although a franchise is based upon an operating system, some franchises require a knowledge base in a specific industry.
- Have the money to invest in the franchise
The Franchise Disclosure Document (FDD) presents the investment range for a specific franchise. Make sure you have the financial resources to invest in the franchise in the event you need to invest additional capital in the franchise. Without a source of added capital you’re risking most of your money.
- Be prepared to devote significant time to launch and operate the franchise
Franchises, like any small or medium businesses require a commitment of time and attention. Once the franchise is up and running you’ll be responsible for the day to day operation of the business. Expect to work many days and long hours until you have a profitable operation.
- Your personal goals should reflect the type of franchise you prefer
Be sure your personal goals are in sync with the potential of the franchise. Some franchisees have unrealistic expectations thinking that the franchise is easier to operate than it appears. Many franchisees attend a Discovery Day and leave with the impression that having a successful franchise will be easy.
- how important are you to the success of the franchise?
It’s often said that the lower the franchise investment the more its success depends upon the efforts of the franchisee compared to high investment franchises that have strong brand recognition and an operating system less dependent upon the individual franchisee.
- Be objective when evaluating your strengths and weaknesses
The franchise you select should benefit from your strengths and not weaknesses. Some franchises require B to B selling which requires making cold calls and contacting people you don’t know.
- Have a back-up plan
If the franchise failed could you return to that job or find similar employment? It’s the most important question you will have to answer. Be confident, but be prepared for various outcomes.
10. Seek objective feedback and advice from trusted advisers
Be sure to get advise from people you can rely upon.
For individuals that are considering purchasing a franchise it’s important to make sure that the franchise fits their profile. There is no such thing as one size fits all in the world of franchising.