6 Steps to Picking a Franchise
If you’re thinking about going into business as a franchise, here are 6 steps to picking the right one for you!
1. Assessing your personality: Before you pick a franchise to go after, think carefully about the kind of business you want to run and how your personality fits into that. Make a list of your strengths and weaknesses as a business manager. Think about everything from your experience to your attitude about work. Then plan out what you want in a franchise based on your personality, from the hours of work to the possibility of relocation.
2. Researching the company: Spend a lot of time on this step, because it is very important. Find out about the profitability of companies you are interested in buying a franchise from. Research their financial details, and find out if they plan on and are able to expand more. Finally, think about what kind of demand is available for their products.
3. Questioning the franchisor: Once you have narrowed down which franchises you are most interested in pursuing, it’s time to get tough with them. Question the companies about how they run their franchises and what kind of policies they have. Find out about franchisees that have gone out of business or quit, and see if you can contact them to get a better picture of whether or not this is a company you will want to work with. Then, ask about current franchisees and call them up or visit them. Find out what they think of the company and how supportive the company is to its franchisees. They should also be able to tell you something about why they picked this company and if its image and quality is up to par.
4. Investigating profits: Find out what the profits are going to be like for the franchisors that you are most interested in. Some franchises are profitable right away. Others require more patience. Refer to your earlier assessment of your personality and attitude towards this aspect of the business before selecting a franchise.
5. Considering the market: Even if a franchise seems perfect for you, don’t jump on it without getting a good idea of what the market is like where you plan to set up shop. Many products are more or less successful depending on geographic location and demographics. You want to make sure there is a big base of customers where you start your franchise for your product, so conduct some market research. Find out if the culture and region you plan to start your business is interested in the products your franchise will sell.
Similar businesses in the area may tell you that you are in the right place for your customers. On the other hand, the market may be saturated and there may be too much competition in your location, or even overall. Find out if the industry the franchise you have selected is growing.
6. Understanding the contract: Before signing anything, make absolutely sure that you understand the franchise agreement contract. It is a very good idea to hire a franchise lawyer to help you make sure that you are getting everything you want from the franchisor, especially profits and your rights. The franchisor should also most likely be offering lots of training and support for you and your employees.
Filed under: Buying a franchise, Franchise Advice, Franchise Articles
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