Finding your best franchise is akin to finding the best, most comfortable shoes when you have problem feet. It takes lots of shopping around and try-ons to get the right fit.
Where do you start in your search process? First, you need to assess yourself to see if you have the necessary qualities to succeed as a franchisee. Some of the questions you should answer are: Can I work within the structure of a franchise system? For example, if you need to control everything or like to make all the decisions yourself, this could be a problem.
Are you prepared to work long hours in order to make the business succeed? The first years as a franchisee will be especially stressful. And an important question: Are you mentally prepared for financial risk?
These are just a few questions for you to ask yourself. For a more detailed explanation on this subject, take a look at the chapter “What Makes a Good Franchisee” in my “Tips & Traps When Buying a Franchise” book.
Next you need to set your priorities for a choice of franchise business. Concentrate on basics, like where you would like to locate the business, desire for a particular industry or type of business, a product or a service franchise, a large or small franchise, and , of course, your investment amount.
These are just a few examples. The takeaway here is that you should examine your preferences, your priorities and don’t just fall under the spell of an enticing sales talk.
After this, you’ll need to research and investigate the franchise systems that fit your wanted list. A number of Internet Franchise Portals, such as FranchiseHelp.com, are a good place to start your investigation. Also, attending a franchise expo with a large number of participating franchise systems, such as the ones that MFV Expos organize, will give you some hands on experience to learn about specific franchise businesses and meet their management.
Happy Hunting! Questions? Please contact Mary at firstname.lastname@example.org or call 203-542-0778.