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Best Franchise Opportunities

Written by: Cynthia Gleeson

Article Overview: Some people say it’s in the eyes, other say it’s all in the handshake. But, how do you really find the best franchise opportunities for you? Can you really decide your future based upon a potential franchisor’s handshake? I don’t think so, and if you do, well, good luck to you because you are most definitely going to need it.

Best Franchise Opportunities

Some people say it’s in the eyes, other say it’s all in the handshake. But, how do you really find the best franchise opportunities for you? Can you really decide your future based upon a potential franchisor’s handshake? I don’t think so, and if you do, well, good luck to you because you are most definitely going to need it.

To those of you who think that a little more thought should go into choosing your next business venture, congratulations! You just took the first step on the road to success. You are right; if you want your franchise to get off on the right foot, you need to take the right steps forward.

First of all, you want to ask questions – lots of them – but more importantly, you want to make sure that your questions are being answered in a timely and professional manner. What would you think if you were on a date with someone and that person refused to answer any of your questions? Are they hiding something? Are they just not a ‘people person’? Either way, you probably wouldn’t want to date them. The same thing goes for franchisors – if they are not freely answering all your inquiries, take it as your sign to move on.

Another way to see if you are getting yourself into one of the best franchise opportunities is to look into what kind of training the franchise offers. Is there operational training to make sure you can actually deliver whatever it is you are supposed to be delivering? Are there any other training seminars offered on broader topics like human resource management? In addition to training, what kind of support does the franchisor offers its franchisees by way of locating a site, negotiating a lease, and dealing with design or construction issues? Chances are most new franchisees will not have any experience in these areas.

Instead of taking a company representative’s word for it, it would be wise to look for additional sources to back up what they are telling you. Does the company have a long history of litigation, and if so, what were the results? You want this record to be minimal at best. In looking at the company’s financial statements, what are its future prospects? Does continued growth, both of the franchise company and the individual franchise units, seem likely?

Finally, talk to some of the existing franchisees to find out what their experience has been like. Did they receive the support they were promised? Has communication with the parent company been open? Are they satisfied with the franchise’s marketing efforts (to which they will most likely be contributing)? Overall, are they happy with their decision to become a part of that franchise? It is doubtful that a franchisee who has had a negative experience will be able to keep his opinion to himself.

Finding the best franchise opportunities out there is never easy. But, by looking at all the facts before taking the plunge, you should be able to find yourself a good deal, and a deal that works for you.

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Re: Enticing Franchises - Top 9 List - All Franchise listed above are in millions of dollars. Do you have the list of Franchise in thousands
Re: Info for would be franchisers... - [quote="Sebastien":1d29sdv1]Like Franchise Times, Franchise Update is a very practical magazine. There is no blah blah, just straight facts that anyone in the franchise community can relate to. I just want to mention that all these magazines are NOT franchisee oriented. I mean these magazines are for franchise professionals. If you're looking to buy a franchise, you won't find much information in there. To answer your question, getting published in Franchise Times was fairly easy. I don't want to brag too much but I think I am known in the franchise industry. I was the marketing guy at Franchise.com for a few years before joining my new company, the World Franchising Network. So people know me and I have a very good relationship with Nancy Weingartner, the Managing Editor at Franchise Times. I was talking with her at the last Franchise Expo South in Miami and she mentioned she'd like me to be profiled. I was like "ok, sure!". I like this franchise executive profile thing in Franchise Times as it is rarely BS. People are usually really natural in there.[/quote:1d29sdv1] Thanks for the follow up Sebastien! And I can't say that I'm surprised that networking with the right people and managing your relationships with them properly are the keys to being published. I guess the old adage holds true of "it's not who you know, but who knows you" that's important.
how much for a franchise fee? - Dear Colleague There is no easy answer to this question. Things to consider: [list=] The sizeof the Franchise Clent base Expected Turnover Intellectual Property costs (recoup) Number of Franchises Number of employees Original Set up costs Franchise admin costs An example: A franchise that I was involved in setting was to a simple "lawn mowing/home repair" franchise. The Franchise included national/local advertising - preparation of client lists - general admin - central accounting etc The Franchise involved 300-500 clients - and an annual turnover of about $300,000 . The annual franchise fee was $30,000. Hope that this gives you some idea Take care Ian[/list]
Re: Franchise Surveys - Another good tool to researching a franchise is to speak with their existing franchisees. This contact information is included in most Franchise Disclosure Documents. In order to get a Franchise Disclosure Document or FDD as it is often referred to, you will have to complete a basic franchise application. The franchisor will then usually provide you with the FDD at that time. Included in that book of information is a list of the existing franchisees, the contract, the investment information etc... This information is required by Federal Law to be disclosed to your prior to making a purchase. So be sure to do your research and start with the Franchise Documents to get the initial information.
Re: Info for would be franchisers... - [quote="Sebastien":2gam0klq][quote="BuzzAroundBooks":2gam0klq]Like Franchise Times, Franchise Update is a very practical magazine. There is no blah blah, just straight facts that anyone in the franchise community can relate to.[/quote:2gam0klq][/quote:2gam0klq] That is really what I look for in any industry publication. We lead busy lives and when people fill their magazines with fluff, not only does it benefit no one, but it makes us truly appreciate those that don't. Thanks!


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