Posted on Aug 21, 2013
4 Steps to Finding the Right Franchise for You
Contributed by Kelly Gregorio, from Advantage Capital Funds
Embarking on your own franchise is an exciting decision to make; deciding what type of franchise to run…slightly more difficult. With a variety of franchise opportunities available narrowing down the right one for you can be easier said than done.
Luckily, by breaking down the process into logical steps and evaluating things from your personal point of view, you can make a sound and solid decision. Read on to discover the 4 steps to finding both the perfect franchise and a promising future.
Know Where You Stand
Before you dive into your franchise search, it’s a good idea to have a conversation with yourself first. Decide first and foremost why you want to go into a franchise business and more important, what you hope to get out of it.
People who want to build a business they can retire with versus those that want to get in, build profits and get out quickly will likely lean toward different industries and terms. Knowing where you stand before you entertain the variety of franchise possibilities will help keep you clear and focused.
Listen To the Right People
While in your search you may be dealing directly with a franchisor, once the deal is made you’ll likely be dealing with everyone but. Vendors, employees and customers are quickly going to become your everyday encounters – so be sure to get their insider opinions.
Experience your potential franchise from a customer perspective, and check up on its reputation online. Ask employees about the pros and cons of working for the company. Even better, talk to other franchise owners and get their honest opinions on the current state of things and (if any) regrets on things they did/didn’t do back when they were in your prospective purchasing shoes.
Ask the Tough Questions
After doing you own research, negotiation talks with your desired franchisor may begin; be sure not get dazzled by energized words and hopeful promises. What matters is what’s in black and white, and most people are eager to get you to sign on the dotted line.
Before doing so, be sure to ask the questions you hope to never (but might) have to deal with. For example, “What happens if I want to get out?” Additionally you should know beforehand how the training procedure will take place and what type of support is being offered to you by your current franchise of choice.
Don’t Forget: Location, Location, Location
The work does not end once you decide on the franchise you want to purchase, from some angles its just beginning. Despite your chosen brand, location will be a big make or break decision when it comes to the success of your business.
Applying your target demographic research to traffic, visibility and accessibility will serve your efforts well. By putting carefully thought and considerate efforts in now, you will position yourself in a favorable footing for franchise success.
What other things should you consider when finding the right franchise for you?
About the author: Kelly Gregorio writes about small business trends and tips while working at Advantage Capital Funds, a company that provides businesses working capital. You can connect with her through the comments section of her daily business blog here.
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