Signs abound that more and more victims of the Great Recession – ie highly-skilled professionals who have lost their jobs as the economy has contracted – are turning to franchising. Not everyone knows how to locate the ideal franchise. If you’re one of those people, don’t fret, there’s of information out there.
Alisa Harrison, vice president of marketing and communications at the IFA, has been all over the media in the last few weeks, discussing the state of the franchise industry. She popped up recently for a Q&A session with the Brandenton Herald about investing in the right franchise. Florida is one of the biggest markets for franchising in America, as companies like 7-11 have realized, and we understand the franchising model has attracted a lot of people in a state which has had to deal with some harshest realities of the recession.
Alisa’s advice to prospective franchisees is pretty interesting and we’d like to share some of it with you today:
With the number of franchise options out there, how does one narrow the choices?
It is important to purchase a franchise business that is in an area that you have interest in. For example, if you are a pet lover, you might consider one of the many businesses that are involved in pet services. However, many people choose a franchise based on a service need in their area. If there is a growing demand in your area for a particular kind of restaurant or personal service, you might consider those options.
For a first-time business owner, how crucial is it to pick a franchise that offers guidance in startup and operations?
One of the attributes of buying a franchise is that you buy into a known brand and systems that offer training and marketing support. It is important to know what level of support the franchisor provides to the franchisee, which should all be disclosed. It is in the franchisor’s best interest to help the franchisee succeed so there is normally significant support during the start up and for the length of the contract.
What makes a franchise a good business endeavor?
Buying into a franchise that has a proven record of training and supporting franchisees is important to the success of the entire franchise company.
Of course, Franchise Direct has plenty of valuable information. Just visit our Information Center to learn everything you need.