Franchise Opportunities – Where do I start?
Choosing a franchise can be a positive experience or a shot in the dark investment. Like most decisions, a systematic process for exploring and evaluating your options makes it much more likely that you'll be happy with the outcome. This guide will make your research faster, easier and more productive.
Business Franchise Opportunities - Self Assessment
Before looking at the vast amount of franchise information on the web, take a look inward.
- Available Capital – Will you be financing your franchise on your own, or considering loans? Franchises often require new franchisees to have far more capital than they'll typically use, because insufficient capital is the number one reason for franchise failure. Here are a few popular financing options you might consider:
- Franchisor Loans: Some brands offer to finance their franchisees.
- SBA Loans: The Small Business Administration offers loans to qualifying applicants.
- Commercial Bank Loans: Available at your local bank branch.
- Time Commitment – Many franchises require an owner to be present for a majority of business hours. How many hours are you able to commit?
- Goals – Why are you starting a franchise in the first place? Most people go into the process with something specific in mind, and recognizing that is critical to fulfilling it.
Top Franchise Opportunities - Industry Assessment
Analyze the industries you're interested in to make sure you're picking one with good opportunities.
- Historical Trends – Has the industry been growing in recent years? Are franchises in the industry successfully adapting to changing customer demands?
- Short-Term Projected Growth – The first few years are going to be a struggle for survival as you build a customer base and awareness for your franchise. You don't want to be competing for a shrinking market during this period.
- Long-Term Projected Demand – Will your services still be in demand in 15 years or however long you plan to work?
Best Franchise Opportunities - Franchise Assessment
Common Mistakes to Avoid
- Don't limit yourself to franchises you're familiar with. A franchise offers a lot more than brand awareness – proprietary tools, training, marketing, and methods should be a major part of your selection process.
- Don't write off a brand just because its franchise fee or capital requirement is above the industry norm. The franchise fee usually reflects the level of value you should expect to receive.
Bottom Line: Give more weight to the services the company offers than your initial impression.
Steps to Get Started
- Browse through the opportunities in your industry. You can access our database through the 'Search By Industry' tab at the top of this page or narrow your search to our low cost franchises.
- Review the capital requirement to make sure you qualify.
- Pick out about 5 to explore further and you're well on your way.
Flip Flop Shops® Continues Explosive International Expansion with Caribbean Development Deal
“The key to successful international expansion is finding the right partner,” states Brian Curin, the President and Co-Founder of Flip Flop Shops (size 10). “The credibility of our international partners coupled with the credibility of the Flip Flop Shops concept is allowing explosive growth for us around the globe.”
Save the Planet, Save Money
Want to save a pile of green and become a green franchise in the process? Recent studies have shown that companies that go green can lower operating costs while minimizing environmental impact. We've put together a list of 10 simple ways franchises can get started.
How These Computer Geeks Have Franchises on Every Continent Except Antarctica
The vast majority of the issues our customers need help with cannot be solved by the Apple “genius bar,” or any other manufacturer’s support, because it’s a different sort of issue. Manufacturer support is great when you have a warranty-covered hardware issue, or just some advice on what to buy next. But things like virus removal, network installation & maintenance, and VoIP phone system consulting are either not provided at all by manufacturers, or are provided at such a high price that it’s really not feasible for small business. Plus, few if any small businesses are going to pack up their server and bring it to a store for a few days to be serviced. They want someone to come to them, charge a reasonable price, and have it fixed quickly and knowledgeably. That’s what Computer Troubleshooters is all about.