5 Steps You Must Do Before You Decide Which Franchise Is The Right Fit For You
Congratulations – you have decided to invest in a franchise. Now you just have to choose which one is the right fit for you? The following questions might assist you to narrow down your choices and fast track your decision.
1. Do you want a well-known brand or a lesser known franchise brand?
As you would expect the bigger the current brand is, the higher the cost of buying that franchise. But don’t be deterred, many of the newer or younger franchise organisations are offering affordable franchise opportunities. Signing on with a newer franchise means that you get in on the front floor, so to speak and your investment grows with the franchise group.
2. What hours and days of the week are you wanting to work?
Every smart franchise owner knows that hard work is a pre-requisite for being a franchise owner. However, what do you want your opening or business hours to be? Would you be happy with a business operating 7 days per week or one that opens late at night or early in the morning? Or do you want one that is open during normal business hours Monday to Friday? Obviously the franchise group has predetermined business hours but this is a really important consideration for you. If you are a night owl, buying a franchise with an early morning start might not be the best option for you. Let’s face it, today you can choose from a wide range of businesses from signs, to ATMs, to pizza, burgers, cleaning and lawn care services to name a few. There is definitely more than one franchise that is the right fit for you and it's worth weighing up the pros and cons before signing on the dotted line?
3. How far from your home are you prepared to travel for your franchise?
Some franchise groups offer territories, others have a specific location with options for expanding into other areas or territories. Your home location may influence your choice of franchise if you have an established family home and children at local schools and do not want to relocate the family to suit your franchise location. For some franchise services it may be smart business to buy into your franchise business in the same location as your home, children’s schools etc. as you would already have an established network to tap into for customers.
4. How much research have you done prior to making your decision?
We recommend that researching multiple franchises is one of the best pre-decision time-investment activities. One of the exciting things about joining the franchise industry is that everyone who is in the franchise industry was at one stage, exactly where you are today, undecided. However, research is a combination of online and face to face or phone to phone conversations. If you can visit a franchise location, then do so. Aim to visit at an off peak time, so that the franchise owner may choose to speak to you without delaying customers. If you have 2-3 questions prepared when you visit the franchise location e.g. what do you like most about being a franchise owner? What tip would you give a new franchise owner? How soon did you employ staff when you first started and how have your staffing levels grown?
Remember the franchise group is set up to answer all these questions, and you will also find a lot of information online. However, doing your own research will help you to really get a feel for the group.
5. What is your big picture and where do you want to take your franchise business?
Your dream is very important and knowing what your big picture is will bring your dream to fruition and assist your decision making. Your franchise is the vehicle to move you to your dream, whether that is creating a saleable asset, owning your own successful business with a specific $ turnover per year and having others doing the daily work or simply creating a flexible daily lifestyle that provides a comfortable set $ turnover while managing your family and lifestyle commitments. The choice is yours.
Remember you can never ask too many questions. Your choice will be made when you are 100% satisfied with the answers you receive from your research and your prospective franchise group. You have already made the first decision, deciding to invest in a franchise, the rest boils down to research, observations and bringing your dream to life.
We wish you every success in choosing the right franchise for you.