If you have decided to buy a franchise, it is important to thoroughly research all your options. There are more than 3,000 franchise systems within the United States and they represent more than 120 different industries. Add to this the hundreds of international brands always on the look out for potential franchisees, and the numbers are pretty amazing.
Are They All The Same
Before deciding on which franchise to purchase, you need to be sure you understand your goals and motivations. Are you hoping for an investment that you can flip in a few years or do you want a legacy business which you can leave to your heirs? How much do you have to invest and how much risk are you comfortable with? These questions are just a few that you should answer before you begin researching franchise possibilities.
Your answers to these questions will help guide you toward potential franchises. For example, if you are looking for a more flexible lifestyle, perhaps you should look at a home-based franchise where you can manage your hours to work with your lifestyle.
If you are, on the other hand, a bit more entrepreneurial, you might consider an emerging franchise where you will have more input into how the business is run. A more mature franchise, however, will usually have rules and policies which are pretty set into place.
The Best Franchise For You
Once you have narrowed your list of potential franchises down to a few, it is time to fine tune your research. It is important to choose an investment which falls within your investment range, so research those which you can afford. It is also important to find a franchise with a culture you can support.
Try to find a franchise in a business you care about. This is important because you are committing up to twenty years with a particular franchiser, so you need to accept and like the business and the culture. Look for a franchise brand with objectives and goals you can represent and embrace.
You will train your employees to work within the franchise culture in your market and it helps if you believe in what you are selling.
Are They All The Same?
As you begin to narrow down the possible franchises, take a look at the value of each brand in return for your initial investment and which services are included on an ongoing basis. Do the franchises include all the services you want before you go operational? Is there a clear plan and vision for growth over the next several years and even out further? Can you reach the corporate staff and are they helpful? The most important consideration is if the other franchisees are happy. Talk with them and ask them if they would make the same decision now. This may be the single most valuable piece of information you can get, since if current franchisees are not happy, will you be?
Selecting a franchise is an important decision. Do your homework to ensure you are buying a system you can care about.