If you have started looking into investing in a franchise opportunity, you probably have several questions. Chief among them is “How do I find the right franchise for me?” This is a common question that doesn’t have just one answer, because every prospective franchisee is different.
To help you answer that question for yourself, we have put together some questions that you should ask about yourself and the opportunities you are researching.
What Do I Want Out of a Franchise?
First things first: What are you looking for in a franchise opportunity? The real question is not about what industry or type of business you are looking for. Instead, it is asking what do you want to get out of owning a franchise. Are you looking for increased income? A way to use your skills? The opportunity to build something that you can later pass on? Something to keep you busy and cash flowing after retirement? A hands-off investment? All of these are viable things that you can get from a franchise opportunity, as long as you find the right one.
What Skills and Experience Do I Have That Will Be Useful?
When you’re thinking about what you have to offer as a potential franchisee, make sure to think outside the box. Don’t limit yourself to your previous career or industry experience–for example, just because you have worked in corporate finance for 15 years doesn’t mean that is the only franchising avenue for you. Instead, think about the skills you have and how they can apply to the work you do. Did you learn compassion and human connection as a school teacher? Do you excel at budgets because of your experience as a project manager? Are you great at customer service from your time as a retail supervisor? Think about your skills in that sense and you will open a wide range of possibilities.
What Experience Does the Franchisor Have?
Before you choose a franchise opportunity, make sure you are investing in a brand that has a history of helping franchisees succeed. Choose a franchisor that offers training and ongoing support to its owners so that you know they will help prepare you to run a franchise and then support you when you are in business. Additionally, make sure that the brand you are investing in can be replicated in your market so that you won’t be scrambling around with an impossible business model.
As part of your research into the franchisor, talk to some of their existing franchisees to get an idea of what life is like in the business. The franchisees will be able to tell you exactly how training went, how helpful their franchise adviser was, and so much more to help you make your decision.
What Do My Friends and Family Think?
Taking on a big investment and an even bigger life change is an exciting challenge. But a lack of support from your friends and family can add an extra layer to that challenge. Ask the people closest to you what they think, especially if they are going to be financially invested in this with you. For example, if you are staking a big chunk of your savings on a franchise, get input from your spouse. In addition to the financial investment, owning a franchise requires a significant investment of time which will have an impact on your relationships.
Looking for a franchise opportunity that has been proven in multiple markets, gives its owners flexibility and control, and creates a great work-life balance? Check out Experimac!