According to Entrepreneur.com, the Top 10 Franchises for 2007 are as follows: Subway, Dunkin’ Donuts, Jackson Hewitt Tax Service, 7Eleven Inc., UPS Store, Domino’s Pizza LLC, Jiffy Lube International Inc., Sonic Drive In Restaurants, McDonald’s, and Papa John’s International Inc. More and more people are choosing to opt into these businesses and set up a shop of their own. But, what is it that makes these ten so successful in expanding their chains? How can you too take advantage of one of the myriad of available franchise opportunities that are out there, and become a success?
Well, the good news is that no matter which business you’re looking at becoming a part of, the process to get you going on the right path, the path to success is the same. And, it all begins with one key word: preparation!
Before you do any kind of business assessment or market analysis, you need to look inside at yourself first. How much are you willing to put into a business and how much are you looking to get out of it? Where do you want your business to take you? Will owning a franchise help you achieve your life goals or your greatest dreams? Is the lifestyle one that you would be happy with? All these questions and more are things you need to think about before you even begin thinking about whether you want to buy a Subway or a Jiffy Lube franchise.
Once that all important first step is finished, then you can begin the second of scoping out the franchise opportunities, and narrowing them down to a few that you both get excited about and see the potential in. You don’t want to become a franchisee of Pet Store Inc. because you love dogs, only to realize down the road that the business is going nowhere. Conversely, you don’t want to join the McDonald’s team if you don’t even like to eat hamburgers and fries every now and then. The number of opportunities that are out there are plenty, so don’t settle for less than what is best for you. And, remember that bigger is not always better.
After you’ve decided on a franchisor, there is still much work to do. You need to get a feel and an understanding of what it will take to set up shop. Take a look at other franchisees and how they’re running their business to get an idea for your own plans. See what kind of support and training resources are available from the company’s home office. Establish an open dialogue with company executives and always keep the channels of communication open.
Buying one of the many franchise opportunities available can be an extremely rewarding – and profitable – venture, but only if you have put in the time – ahead of time – to make sure of it. Believe it or not, there have in fact been McDonald’s franchises that have failed, and there have been unknowns that have succeeded. In the end, it’s all up to you and what you’re willing to put in!