So you’ve decided that owning a franchise is right for you. Now all you need is to decide what type of franchise to buy. This is a decision not to be taken lightly, since it’s one you’ll have to live with as long as you own the business. Answer these questions to find what category of franchise is best for you.
What Industries Do I Have Experience In?
While it’s certainly not a requirement that you have experience in the field you buy a franchise in, it will make your life a lot easier. Knowing the business climate, competitors, and opportunities will make you a savvy franchise owner.
What Areas am I Passionate About?
Maybe you’ve been an accountant for 30 years and are sick of it, but what you’re really passionate about is fitness. Passion is a major component in the success of your business, so it’s important that you can see yourself working in this industry for the foreseeable future.
How Involved Do I Want to Be?
There’s a type of franchise for every type of business owner. If you want to run your franchise as a solopreneur, you may find some type of home-based franchise a good fit. If you’d rather hire a manager and just check in on your business once in a while, a food or retail franchise might suit you.
What’s It Really Like to Be in this Type of Business?
Before you sign your franchise agreement, visit a few locations of a given franchise you’re interested in to get a sense of what they’re like. You may find that pizza restaurant to be too noisy for your tastes, or that the real estate brand you’re considering is lost in a sea of competitors in your town.
Where Would My Skillset Shine?
You might be great with teenagers, or a wonderful communicator with customers. These skills will come in handy with your franchise, so start looking at which industries your talents would thrive in. For example, if you love working with teens, pick a franchise like a restaurant where they often work. If you love interacting with customers, a vending machine franchise might not afford you as many opportunities to chat with them as a coffee franchise would.
What’s Trending Right Now?
While you don’t necessarily want to ride on the latest trend, getting into a cutting edge franchise can ensure that you’re one of the early adopters in that industry. At one time, frozen yogurt franchises weren’t that popular, but now they’re springing up all over the country.
The industry the franchise you choose should be one that appeals to you, that, if you have zero experience in, is one that you’re willing to learn about, and one that will help you succeed.
Susan Payton is the President of Egg Marketing & Communications, a marketing firm specializing in content writing and social media management. She’s written three business books, including How to Get More Customers With Press Releases, and frequently blogs about small business and marketing on sites including Forbes, AllBusiness, The Marketing Eggspert Blog, and Tweak Your Biz. Follow her on Twitter @eggmarketing.