The choice of franchises has grown and it can be difficult to make a choice as to what would be the best franchise for you and your situation.
It is important to keep an open mind and to not shut doors without investigating the various franchise opportunities properly.
When examining franchise opportunities it is important to establish exactly the nature of the role that you as a franchisee would be required to carry out. Sometimes it is possible to dismiss an opportunity too easily. e.g. The role of a franchisee starting a cleaning franchise is to manage the business, take on new customers, manage a team of cleaners etc. but not to do the cleaning.
It is also important to understand that you may not be acceptable to a company that operates in a field where you have previous experience. e.g. - A print franchisor will almost certainly not take a trained printer as a franchisee. The role of the franchisee is such that he will employ a printer but the franchisee's role is much more management, customer liaison and selling based.
 Examine the various franchises on our site and other franchise publications. Ask for brochures of the ones that interest you. Many of these brochures can be downloaded to save time. Look particularly for franchises operating in areas of businesses where you already have an interest.
Sometimes it is good to get information about businesses in sectors of the market that you may have not thought about. The important thing is that your transferable skills will make you suitable for many different franchises. So don't rule to much out at this stage. Gather as much information as you can. Think of it as a funneling process where you put as much information in the top and gradually dismiss things, leaving the franchises that you are interested in going to see.
When analysing the various brochures try and setup a scoring system. The criteria for that will be different for everyone but you should be asking yourself:
 |
Does the product or service interest you and fire you with enthusiasm? |
|
Is it a good business proposition? |
|
Does the company have brand awareness in the market that they operate in? |
|
How successful are their existing franchisees? |
|
How good is the support system for franchisees? |
|
Does it have a successful operation and marketing system? |
|
Can you imagine yourself being a franchisee for that company? |
|
Do you understand the role you will play? |
|
Does the role match your skills. If not does the franchisor provide training? |
Research, Research , Research
The above represents the initial starting point. A great deal of further research will be required before you finally satisfy yourself that you stand a good chance of being successful by purchasing a particular franchise.
Above all once you have found a franchise that you are serious about make sure you talk to franchisees who are already operating the business. They will normally be only too pleased to help, as they were in your situation once. Equally, when you take up a franchise you are entering in to a long term partnership with the franchisor it is therefore vitally important to check the background & business performance of your prospective partner.
It never fails to amaze us how many people are prepared to take on a franchise without carrying out the necessary research with which to make an informed decision. Be prepared to pay for professional advice from franchise lawyers and accountants, you will be making a decision that you will have to live with for some time.
|
