There are many benefits to franchising, and thousands of people across the world have seen this. You can take an already established brand, and introduce it into your local area, and some of the risks of starting from scratch are taken away. There are initial costs, but essentially you're running your own business, with the knowledge, experience and support of a larger company. You can benefit from the franchise owner's wider advertising campaigns, and many franchisors offer training to their franchisees to help them set up and maintain their businesses.
There are thousands of opportunities for prospective franchisees, and once you’ve considered the benefits of investing in a franchise, you’ll need to find one that’s the right fit for you. You have your pick of business types, from food and beverage through to fitness, and car maintenance to pet care.
It’s easy to be overwhelmed when you’re starting to choose, and it’s important that you find a business that’s going to work well for you, so here are a few pointers that will help you on your way to that big decision.
What products do you want to offer
While examining franchise options, you firstly want to consider what it is that each company offers. The product or service should be something that you are familiar with, appreciative of and willing to base your life around. Someone who is a vegetarian, for example, would be much better suited to run a smoothie franchise than a burger joint. Ask yourself which industries interest you, and what products you would be willing and proud to stamp your name on.
Is the industry right for you?
Once you’ve narrowed down your options by interest, it’s important to assess the local market for your remaining options. If you’ve determined that investing in a pet grooming franchise would be most interesting to you, you’ll want to do a little research on: the success of pet grooming businesses in your country overall; the success of and demand for pet grooming business in your area; and the existence and success of competition in your area. Be sure to find a balance here—a market that is saturated with competition may be too risky to enter, but a market with zero competition may indicate a lack of need for that particular business type.
What’s the job description?
With innumerable options for business ownership come innumerable options for the time and responsibility you want to invest. Make a list of goals for your franchising career that considers what you want your everyday to look like, and align that list with a set of franchising options that match. Knowing where you want your career to go can help you narrow down the options to the ones that will take you there.
Consider the business model
In addition to your personal career goals, you want to consider your business goals and choose a franchise that lines up with them. Your choice may vary according to your personal ROI goals and adherence to the franchise’s business plan. If a franchise offers you a flimsy, half-completed business plan, you can count on having very little support from the corporate office and, as a result, very little success.
I hope these steps help you select the right franchise for your next endeavor, let us know about it in the comments below.
