How To Find Your Ideal Franchise Opportunity
Finding your ideal franchise opportunity can be a daunting and exhausting task. Research in the early stages of the franchising process is vital and by thoroughly researching and evaluating the sector, your competitors and franchisor, this can predict the success of your franchise.
When making decisions about your work/life balance, franchising can seem very appealing on one level. However, when making these decisions, what’s your initial response to work, family and home worries? Begin looking at your own career history, your hobbies, training, qualifications and where you see yourself in your ideal career to find out what areas drive you most.
Ask yourself the questions below and note down a profile of yourself, to compare with the ideal franchisee profile of franchises of interest to you.
What does owning a franchise mean to you?
This can help understand your priorities:
- do you have the desire to change your life for the better?
- do you have the ability to make money fast?
- does a new start for you mean improved flexibility in your life?
What do you find most appealing about owning a franchise?
Is it working for a well-recognised brand? The safety of the franchisor offering regular support and training? Lower start-up cost?
What do you find least appealing about owning a franchise?
Always consider the cons of going into franchising. You may find it difficult working for yourself and become lonely, check that your family and loved ones are willing to support you. You may have to work long hours and therefore may sacrifice your lifestyle.
How do you like to be managed?
This is an extremely valuable question as it identifies how you would like to work alongside the franchisor. Although you will own the franchise, you will still abide by the franchisors way of training and start up of the new business. Do you like facts, figures and numbers and being able to analyse a decision before taking the leap or are you more of the person that once they know what they’re looking for, the decision is made. You will have to recognise the persona of the franchisor and perhaps comprise and adapt to their way of working.
Do you have excellent customer service skills?
Customer service is paramount in almost every franchising sector. Your clients and building relationships with them is what is going to make or break your business. You will need to understand your market and your typical customer to understand what they are looking for and to ensure your business can meet their needs and demand.
Once you have assessed your own personality, consider the sector. The number of sectors available in the franchising industry can be extremely overwhelming, however there are key sectors that are currently at their largest, for exapmple the cleaning<?a> and maintenance sectors. This is looking likely to increase dramatically over the next five years and sees endless amounts of opportunity from job to management roles in both the commercial and residential markets.
The food and drink market has some of the biggest brands in the world. Most are successful because they are well-recognised brands but are also flexible in terms of location and, with so many levels of involvement, it can be an easy start up.
Once you have shortlisted a number of franchise companies that have most caught your eye, you should now compare these and analyse each opportunity from the franchisor in detail.
As a prospective franchise owner, you should be testing the franchisor just as much as the franchisor is testing you. A successful franchise relationship is in essence a 'business marriage' and only if both partners are satisfied should the ceremony proceed.
More information on choosing a franchise can be found in The UK Franchise Directory 25th Edition - printed version.