The Franchise World and Options

Anyone thinking of starting a business, especially a franchise, likely starts with the known franchises – Subway, McDonalds, or a Maaco.

We speak with potential franchisees every day and almost everyone mentions these are the types of franchises they want to own. But you need to ask yourself some questions-:

• Do you have food experience?
  
• Do you enjoy the automotive business?
  
• What is your experience with employees?
  
• What level of investment are you able to make in a business?

I suggest that an investigation of franchises starts with what you’ve done and the things you like to do. Research those types of businesses online and see if they are already established in your area. If so, then I suggest you visit those types of businesses and try to see yourself owning that business. Talk to owners of similar businesses in the area.

Are you good at marketing or does the business depend on sales experience, a skill you either have and like or are willing to learn or just want to avoid?

Are you more interested in businesses that are missing in your area?

When you have found a franchise in which you are interested, then contact the franchisor. They will have a process to follow that provides you a view of the franchise as well as providing the franchisor the ability to determine if you are similar to their successful franchises and are a good fit financially, culturally, and skilled for their franchise.

I’d also recommend that you have a franchise attorney review any franchise disclosure documents and franchise agreements before making any decision.

I realize that what I have suggested takes a lot of time and work. You may also want to consider using a coach, or visiting an expo. However you decide to investigate franchise opportunities, our expos can give you a window into the franchise world!