It’s no secret that franchises are on the rise in North America, and for good reason – an overwhelming number of business owners would rather not take on the financial risk of having to grow their own business from scratch.
The beauty of franchising is that it allows you to get your feet wet in the business world without shouldering 100% of the risk. When you purchase a franchise, you’re buying into an already established brand and business model – meaning that a lot of the heavy lifting has already been done for you. All you need to do is follow the tried-and-true formula that’s been put in place, and you could reap the rewards.
Of course, not all franchises are created equal. With thousands of different options out there, it can be tough to find the right franchise for you. Here are a few tips to help you find the perfect franchise fit:
1. Define your goals
Before beginning your search, sit down and think about what you want to get out of owning a franchise. Are you looking for a full-time or part-time commitment? Do you want to be hands-on with the day-to-day operations, or would you prefer to take more of a hands-off approach? What industries are you interested in? Answering these questions will help narrow your focus and make finding the right franchise much easier.
2. Do your research
Try reaching out to franchise consultants and attending trade shows and conferences. These are great resources for learning about different franchises and getting insight into the franchising process.
3. Talk to current and former franchisees
Once you’ve narrowed down your options, reach out to current and former franchisees of your top picks and ask them about their experience. Be sure to ask lots of questions, including whether they would recommend the franchise to others and why or why not.
4. Consider the cost
When evaluating franchises, it’s important to take a close look at the costs involved – both initial investment costs and ongoing costs like royalties and marketing fees. Make sure you have a clear understanding of all the fees associated with each franchise before making a final decision.
5. Get advice from experts on the right franchise
Purchasing a franchise is a big decision, so it’s important to get professional advice from experts in franchising prior to moving forward. Speak with an experienced Franchise Attorney to review your Franchise Agreement and get answers to any questions you may have about the franchisor-franchisee relationship.
Do these steps seem exhausting? If so, we have one last tip that will make it very easy:
6. Contact a professional franchise consultant
A consultant, just like Franchise Matchmakers, has one mission: to help you find the right franchise. They will walk you through steps 1 – 5 and take the worry out of this big decision. A franchise consultant will be the best partner you can have in this career change. And the best part? They don’t charge you a penny for the service!
If franchise ownership sounds like it’s in your future, then we are excited for you! We are also very excited to help you start the journey.
Franchise Matchmakers is a team of franchising professionals that are dedicated to helping people explore business ownership as a career path. Contact them at info@franchisematchmakers.com to find out more about franchising options that are perfect for you.
