The process of choosing a franchise is exciting! There’s hope for financial success on the horizon. A budding opportunity ready for you to grab. A lot of fun goes into franchising, and you’re about to be part of it— but only if you choose the best franchise aligned with your goals, ideas, and preferences.
The best way to choose a franchise that will light you up and allow you to love your work is to ensure you’re considering the right things before signing on. Here are four considerations to make to help you along that path.
Is This an Investment or Are You Trying to Buy Yourself a Job?
One of the biggest benefits of owning a franchise is being flexible and setting your own schedule. However, that schedule shouldn’t bind you to the office. To embrace the freedom of franchise ownership, you must get to the point where you have enough cash flow to hire a manager.
Your team makes franchise ownership such a joy. You can rely on them to keep the business running effectively and efficiently while you’re out of the office. They’re the ones who will step in when you need a sick day or a vacation day. They’re the ones who make your franchise ownership feel less like a job and more like a joy.
When considering a franchise, look at the cash flow and see if you’ll have enough to hire others to join your team and help you achieve your goals.
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Will You Need to Invest in Remodeling Costs?
When choosing a franchise, there’s a lot of focus on the initial costs of new equipment, real estate, and supplies. Few people also consider the remodeling costs that will inevitably come down the road of your franchise journey. These costs can be high depending on the franchise you’re in.
Talk to fellow franchisees and the franchisor to better understand what you can expect about remodeling expenses on the horizon.
What’s the Track Record of the Franchise You’re Considering?
Interviewing fellow franchise owners is a great way to understand what the franchise you’re considering looks like once you’ve invested in it. One important question to ask is about the track record for that franchise. Is there demand? Does that demand fluctuate seasonally? Are sales trending upward, or is the franchise on a slow decline?
Knowing these numbers can help you decide the next step for you. A decline isn’t necessarily a red flag but can help you better understand the situation you’ll be walking into if you invest in that franchise. Seeing an upward spike in sales can look promising, but it’s important to understand where the market is headed in addition to the franchise.
Do your due diligence to uncover the franchise's and the market's track records, which will help you make a more informed decision.
How Complex is the Business Model of the Franchise?
Complicated business models are just that — complicated. While you can take the time to educate yourself about how the product lines tie together, your future employees won’t always offer that same time investment.
Look at the business model to figure out how easy hiring and training a team to link arms with you on this journey will be. If it’s difficult to understand, it’ll likely be difficult to scale, which means you’ll need to account for those complexities in your growth estimates and plan.
There’s a lot to consider when choosing a franchise. These questions are often overlooked but critically important as you decide your franchising future.
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Kimberly Crossland is the founder of Roadpreneur and Cruisin' + Campfires, two companies designed to keep families together and living in freedom through travel and entrepreneurship. The goal of both businesses is to inspire meaningful change through the power of a strategic, thoughtful approach to life and business. In her free time, you can find her looking for a new adventure together with her two boys.