đź•’ Estimated Reading Time: ~3 minutes
Congratulations! You’re ready to start a franchise. You’ve seen the benefits of establishing systems that allow you to start your own business quickly. You’ve heard the franchise success stories. Now, it’s your turn. There’s just one problem — you’re unsure which industry to enter as you begin this next chapter of your professional life.
There’s a feeling of fresh opportunity when you’re ready to leap into franchise ownership. This is a prime moment to move out of a tired industry and into one that makes you feel more alive. It’s an excellent way to start fresh after feeling burnt out. Choosing the franchise might feel like the easier part. It’s choosing the industry where you’ll enter the next phase of your professional life that can feel much harder.
Here are a few ways to help you narrow the search and simplify that process.
Do What You Love
Perhaps the most obvious piece of advice is this — follow your passions. It’s been shown that enthusiasm is a core component of productivity. If you’re not enthusiastic about what you’re doing or the work you’re pursuing, you will struggle to show up and continuously make this new endeavor a success. Because the franchise you start will take up a good chunk of your focus, brain power, and attention, shouldn’t it be in an area that already has a piece of your heart?
Do What You’re Good At
Just because you love something doesn’t mean it’s something you’ll be qualified to do. Conducting a personal analysis of your strengths and weaknesses will help you uncover where you’ll thrive. If you’re a people person who can spark a conversation and make connections in any environment, then you may lean more towards starting a franchise in the service industry. On the contrary, a home-based franchise may be a better fit if you know you work best in a quieter setting.
Go Where There’s Growth
Love alone isn’t enough to guide your decision. Knowing that others are equally enthusiastic or need what you’re eager to offer. Analyzing market trends to understand customers' wants and needs will help you narrow your franchising search. Aligning your franchise goals with an industry ripe for growth will put you in a position to have more long-term success.
Look at Market Conditions
Some industries are more saturated than others. Understanding where you’ll open your franchise and what’s currently available in that market is crucial for finding the right fit for your location. Investigate which industries are currently inundating your neighborhood or region and where gaps exist between supply and demand. Then, fill those gaps if there’s a distinct need.
Put Yourself First
Ultimately, you’ll want to look for an industry that will honor your desires as a franchisee and the lifestyle you want to lead. Look at how much involvement you want to have in your future franchise. Some industries require more involvement than others. Knowing what’s aligned with your lifestyle goals will help you narrow your search.
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.