(FS4) Franchise Series 4 – Picking the Right Franchise
So you’ve decided that you want to be a franchisee. You’ve realized the benefits that come with a solid franchise company such as a system that removes any guesswork for running a business and also giving you the tools you need to avoid the common mistakes and kinks that business owners experience when doing an independent startup. You’ve luckily jumped over one hurdle to business management but now you’re at an even bigger one: Which franchise should you invest in?
Researching Franchise Opportunities
Research is the single most important tool you can have when purchasing a franchise. You’ll want to search deeper than their webpage. You might even want to consider calling various franchisees to ask them about what it’s like to run that franchise and what they think of their franchisor as some parts of your research. You can’t hire anyone to do the research for you either. Don’t shortcut, but take it seriously as this will determine the future of your investments. You want to make sure you invest in something food. This will also determine who it is you have to work with and whether you like your job or not. You may love the industry, but a bad franchisor can turn a dream come true into a nightmare.
Before making the monetary investment, you must make a time investment to ensure success. Between checking up on the internet, talk to the franchisor, the employees of the franchise, and ask if there’s any way for you to work a day or two at a franchise to see how they operate. While this might not always be an option, you can always try. You also have the prerogative to make it a perquisite to work with a company temporarily before franchising with them and if they don’t allow it, mark them off of your list. There’s nothing wrong with that.
When Franchisors Look at Franchisees
Most franchisors look for franchisee candidates who have done their homework and are looking to learn. Franchisors want to know their franchisees are making informed decisions that they are solid on. That solidarity insures success and an easier transitional period during startup and the first five years. This is why most franchisors won’t mind if you ask to work for them ahead of time. This is especially useful if you’ve never worked in the industry before.