How Do I Find the Perfect Franchise?
How Do I Find the Perfect Franchise?
1. Your Current Financial Position
Few things could be more important when starting any business or franchise. How much money are you able to invest? Some franchises require little more than the investment of just a small franchise fee while others require franchise fees, real estate investments, inventory and other asset purchases, large staffs to hire, etc. The amount you have to invest will play a large role in what franchise most people choose.
2. Your Sustainable Financial Position
So you just invested all that money in your new franchise - now how long can you survive before you expect your new business to start paying you back. To some, a near immediate cash flow to live on is critical while others are able to wait months and even years before their investment is actually putting cash back into their pockets.
3. Your Desired Business Type and Model
You would probably be amazed at the number of happy and successful franchise owners who initially started looking at franchises thinking they wanted to own a fast food franchise yet after serious research ended up with something like a cleaning franchise! Everyone has certain industries they think they would love to work in and that's understandable, but I strongly advise everyone to keep any open mind there. Don't get your heart set on being the proud owner of a certain brand and end up forcing a square peg into a round hole while overlooking more realistic and feasible business opportunities. Absolutely seek something you think you will love doing, but keep an open mind as well.
4. Your Desired Geographical Location
Simply put - some franchises may be eager to open a new franchise in your desired area, while others may not. Some may already have too many franchises in your area while others may not be completely confident in your desired area's population or demographic. On the other hand some franchises may be foaming at the mouth for the opportunity to do business in your area. Consider using our free Franchise Match service to learn more about franchises that may be eagerly seeking your particular areas.
5. Your Experience
What have you done in the past and what are you good at? Or are you sick and tired of what you've been doing and ready to take on a whole new trade? Some franchises are looking for people with very specific sets of skills and experience while others actually prefer training them from scratch.
6. Your Role In The Business
Are you looking for a business that gives you a day to day job or are you simply looking for sound investments to that put others to work? Or both? Critical questions here as this will certainly vary from opportunity to opportunity. Some franchises demand that you own and operate your franchise while others allow you to be an absentee owner. This is also something a qualified franchise consultant can help you research.
7. Your Long Term Goals
Are you looking to own and operate this business for many years to come or just get it up and running then sell it to another investor? Do you see yourself owning one single franchise or do you have your sites set on owning several franchises across your state or region? Again - situations where some franchise opportunities fit in better than others.
These are just a FEW of the things you need to be considering when seeking your perfect franchise opportunity. Yes - use your heart - but use your head, your pencil, your calculator, your accountant, your attorney, your family - and any other resource you can to help make your decision.
How Do I Find the Perfect Franchise - To learn more about this author, visit Ken Hollowell's Website.
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When shopping for the right franchise opportunity there are lots of things to be considered. Some obvious, some not. When looking for your perfect franchise some of that perfection is going to be what they see in you just as much as what you see in them. When discussing franchise opportunities with others I generally suggest they keep the following things in mind.
1. Your Current Financial Position
Few things could be more important when starting any business or franchise. How much money are you able to invest? Some franchises require little more than the investment of just a small franchise fee while others require franchise fees, real estate investments, inventory and other asset purchases, large staffs to hire, etc. The amount you have to invest will play a large role in what franchise most people choose.
2. Your Sustainable Financial Position
So you just invested all that money in your new franchise - now how long can you survive before you expect your new business to start paying you back. To some, a near immediate cash flow to live on is critical while others are able to wait months and even years before their investment is actually putting cash back into their pockets.
3. Your Desired Business Type and Model
You would probably be amazed at the number of happy and successful franchise owners who initially started looking at franchises thinking they wanted to own a fast food franchise yet after serious research ended up with something like a cleaning franchise! Everyone has certain industries they think they would love to work in and that's understandable, but I strongly advise everyone to keep any open mind there. Don't get your heart set on being the proud owner of a certain brand and end up forcing a square peg into a round hole while overlooking more realistic and feasible business opportunities. Absolutely seek something you think you will love doing, but keep an open mind as well.
4. Your Desired Geographical Location
Simply put - some franchises may be eager to open a new franchise in your desired area, while others may not. Some may already have too many franchises in your area while others may not be completely confident in your desired area's population or demographic. On the other hand some franchises may be foaming at the mouth for the opportunity to do business in your area. Consider using our free Franchise Match service to learn more about franchises that may be eagerly seeking your particular areas.
5. Your Experience
What have you done in the past and what are you good at? Or are you sick and tired of what you've been doing and ready to take on a whole new trade? Some franchises are looking for people with very specific sets of skills and experience while others actually prefer training them from scratch.
6. Your Role In The Business
Are you looking for a business that gives you a day to day job or are you simply looking for sound investments to that put others to work? Or both? Critical questions here as this will certainly vary from opportunity to opportunity. Some franchises demand that you own and operate your franchise while others allow you to be an absentee owner. This is also something a qualified franchise consultant can help you research.
7. Your Long Term Goals
Are you looking to own and operate this business for many years to come or just get it up and running then sell it to another investor? Do you see yourself owning one single franchise or do you have your sites set on owning several franchises across your state or region? Again - situations where some franchise opportunities fit in better than others.
These are just a FEW of the things you need to be considering when seeking your perfect franchise opportunity. Yes - use your heart - but use your head, your pencil, your calculator, your accountant, your attorney, your family - and any other resource you can to help make your decision.
How Do I Find the Perfect Franchise - To learn more about this author, visit Ken Hollowell's Website.
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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