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3 Things To Look For In A Franchise

3 Things To Look For In A Franchise

By FranchiseKing, Guest Blogger
Published: October 20, 2015 Updated: October 20, 2015

There are literally thousands of different franchise opportunities to choose from these days. For the novice franchise opportunity-seeker, the thought of whittling thousands of opportunities down to a more manageable number borders on the impossible. But, it’s not. Keep reading.

Franchise Sectors

Do you want to open a food franchise? A business consulting or business coaching franchise? Maybe something in the automotive franchise realm? One way to whittle your choices down in a hurry is to decide on a sector in franchising that interests you, or you feel you can be successful in. Some examples include:

  • Retail
  • Food-service
  • B2B
  • Pets
  • Children’s-related
  • Home services
  • Commercial services
  • Automotive

Budget

You need to determine your budget early on in the process. If you don’t know what you can afford, and what you’re willing to risk, you’ll end up spending time learning about franchise opportunities that don’t fit your budget. It’s a huge waste of time. It’s also not good for your psyche to get excited about a franchise or two and find out that they’re out of reach, financially. You also need to put together a net worth statement.  

Fit

Put together a list of things you’re really good at and combine them with a list of things that describe your dominant personal traits. To give you an example of what I mean, here’s what my list looks like:

  • Top Skills: Sales, Marketing, and Public Speaking
  • Dominant Personal Traits: Outgoing, Determined, Creative, Personable, and Caring

What are your top skills and dominant personal traits?

Once you’ve chosen a franchise sector or two, put a budget together, and have a list describing your top skills and dominate personal traits, it’s time to look for a franchise to start investigating.

Things To Look For In A Franchise

1. Easy Access to Information Online

When you visit the website of the franchise opportunity you’re interested in, can basic information about the franchise opportunity be easily found?

For example, you should be able to quickly locate information regarding the upfront investment amount, minimum net worth requirements, along with the availability of the franchise in your geographical area. You shouldn’t have to wait to talk with the franchise representative to find out pretty basic stuff than can help you determine if you should formally request information or not.

2. Great Product or Service

If you’re going to invest the money needed to buy a franchise, you should buy one that offers amazing products and/or amazing services.

Your franchise business is going to need to stand out in your local area for maximum success; one obvious way to do that is to be the business that offers the best. Focus on franchise opportunities that offer the best products or services.

3. Powerful Technology

Today’s franchisors have access to the best technology available. As you conduct your research, ask your franchise representative what tools and software programs they’re currently using. Then ask them how franchisees have been able to benefit. One more thing: Ask existing franchisees if they’re happy with the technology the franchisor uses. They’ll be more than happy to tell you.

Gather all the information you can before you sign on the dotted line, so you can end up owning a winning franchise business.  

About the Author:

FranchiseKing
Joel Libava

Guest Blogger

The Franchise King®, Joel Libava, is the author of Become a Franchise Owner! and recently launched Franchise Business University.