The franchise business model could be one of the best kept secrets out there, one that entrepreneurial minded individuals seeking a new career opportunity have overlooked in their hunt for something better. Needless to say, millions have discovered the benefits (some may even call it a loophole to creating a flexible career) of partnering up with an established business system rather than going it alone.
The real threat to those thinking of starting a business with the kind of support that’s available with franchising is the potential for indecision to creep in and create stagnation that slows progress toward the end goal of operating a business you love. With thousands of franchise businesses out there it’s no surprise that many find choosing one a daunting task.
How do men and women researching franchises go about deciding which to choose?
In brief, there is no shortcut to choosing a franchise just like there’s no shortcut to choosing who you’ll spend the rest of your life with or which location in the world you choose to call home. All of these decisions require some degree of in-depth self- analysis. The process is often aided when a qualified franchise consultant offers their supportive services.
Some key questions to ask:
Who do I want to serve and how?
There are scores of consumers in the world seeking all types of services. Consider who you want to serve and whether you would be satisfying needs or wants. How you would be improving lives and how would providing for this type of consumer motivate you and bring you happiness?
Consider if any of these potential customers jump out at you based on your background and personality:
Students, individuals with health or physical limitations, those in need of practical services such as cleaning or repairs, children, pets and their owners, folks looking to get fit and healthy, families looking for a tasty meal…the list could go on.
The ability to feel and be motivated and made happy by the services offered through your franchise business is indeed a critical part of what fuels long-term business strength. Never underestimate the power of joining forces with a franchisor that helps you to serve others in a way that motivates you and makes you happier.
What does who I want to serve and how say about the kind of franchises I may enjoy operating?
When we look closely at who we want to serve and how, we often get a much better idea of the kind of franchise we may be well suited to run. Fortunately, one preference often leads to a more defined idea of which business concepts would suit us, leading to a further delineation of compatible options.
The next step is narrowing these down based on your financial situation, such as how much you can afford to invest from the start as well as how much capital you have to sustain you until your business turns a profit. Some types of franchise sectors and segments may provide more financial assistance based on your particular situation, and narrowing these down can then lead you to the in-depth due diligence research that’s required to get to know each viable franchise system.