So you’ve decided that a franchise business is right for you? Now comes the exciting part, choosing among hundreds of franchise opportunities available in market. Here are questions to ask yourself to help narrow the field:
1.What holds your interest?
If you’ve always been a foodie, may be a food franchise would be right for you. If you love tours, it may excite you to help others with a travel based brand franchise, on other hand no matter how good the ROI is, if technology makes you queasy, you probably won’t be happy with technology franchise.
2.Do you want to run a business from home or commercial set up?
Home based franchise have low start up cost than a commercial set up .Some of most successful franchise are in the field of Abacus, cleaning and travel which is again a great opportunity. On other hand commercial set up have their own benefits such as, visibility that increases your business, your social reputation and you are clearly approachable by masses etc.
3.Does this Franchise have staying power?
Franchise that are in trend right now. Check a recession proof business (children will not stop studying , people will not stop eat outside, washing/cleaning car would always be on the priority list etc.) these are the long lasting business which are sometimes targeted for the special population sectors such as old aged people and children.
4.How much is your investment?
There are franchise opportunities of every price from big investment to small. You can invest according to your capacity. There is a provision for business loan from which you can boost your investment.
5.Is the franchise a good fit?
When you scrutinize your options to one or two, then a serious homework is needed for checking the franchisor credibility which includes the conversation to current and former franchisees, carefully reading over the Franchise Disclosure Document. It may also be prudent to seek the help of a franchise consultant—their services are typically free and they know the industry well.
Once you’ve completed your soul-searching about the kind of business you want, narrowed the field, done due diligence on all the details and finally made your decision, take a deep breath and Be a Franpreneur.
As Henry ford said:
“Paying attention to simple little things that most men neglect makes a few men rich.”