There are over 850,000 franchise opportunities in the world. Some of the biggest franchises in the world are convenience stores, fast-food restaurants, rental cars and hardware stores, so there is a vast variety. In fact, there is a franchise that will fit almost everyone’s needs. Here are some things to consider when choosing the right franchise for you.
Do a Self-Inventory
Some people love cold calling on others while others love to interact with the public behind a retail counter. Still, others adore staying hidden behind a computer or a locked door most of the time. Ask yourself how much time you want to invest in running the company. Also, be honest about the hours and the number of hours that you want to work. You should also only jump onto a franchise opportunity if it’s something that you know you could enjoy. If your hobby is design, for example, then a franchise like Danmer Custom Window Coverings might be a good choice for you as you’d be able to help people find the right blinds for their home design. Whatever your interests are, there is sure to be a franchise you could become passionate about.
Ask Yourself How Long
Some people enjoy the thrill of building a franchise up and then selling it to start the process again. Others may intend to stay in business for a long time. Another consideration that you need to think about is how much risk you are willing to take on when buying a franchise. You may want to look for trends showing franchise owners have sued the parent company and look at same-store sales year-over-year. You may want to find some current owners to see what they can tell you about owning a franchise.
Inquire About Money
Owning a franchise can get expensive. Some start out at less than $10,000 while others climb over $150,000. Understand what equipment, staff, location expenses and other things you will need to provide before you open for business. Inquire about any financing help that is available. Make sure to take a look at royalties and other ongoing fees that you will need to cover. It often pays to talk to a financial expert before proceeding.
Ask About Comfort Level
Some people still have a stigma about men owning a woman’s fashion franchise or a sewing franchise. Others find businesses like cleaning commercial kitchen grease traps disgusting. Make sure to find a franchise that you can be proud to say that you own. Your customers can read your attitude and will move on quickly if you are not proud of your business. Also, consider the type of employees who you may need to hire and be sure you are comfortable with them.
There are many franchise opportunities out there. Use this short checklist to help you find the one that is right for you!
About the Author:
Hannah Whittenly is a freelance writer and mother of two from Sacramento, CA. She enjoys kayaking and reading books by the lake.