Picking a Franchise to Buy
People are often wondering how they’re going to make a
decent living in this economy. And the truth is that it is difficult. The good
news is, however, that becoming a franchiser can really help you make great
money without having to micromanage each site. Franchising has been around for
over 50 years now and it’s because it is truly a successful business model. If
you have a popular brand, it is really a no-brainer. If the demand is high for
your service, product or business, give the people what they want. Branch out
into new locations, share a piece of your booming business with individuals who
share your goals.
Picking franchisees is hands down the most important thing you do as a franchisor. It’s important to pick people who are not only experienced but have a great reputation, connections and personality. It’s important that your franchisees mesh well with your vision of your business. Here are a few preliminary questions that a franchisor is likely to ask you when you're looking to purchase a franchise:
1. What is your background in business? It also might be important to give them a personality test to make sure their people management skills is up to par with what you have in mind for your brand.
2. What is your experience with finances? A third party background check might also be important here.
3. Where do you see yourself in ten years? Do they want to be complacent or do they want to grow your business and expand their territories?
4. Why are they interested in owning this franchise in particular? The interest in your specific brand seems like a no-brainer, but you want someone who is passionate and will be a great advocate for your business.
5. Making money as a franchisee is easier than ever with new financing options and banks lending to small businesses, but you have to be smart about making decisions and deciding what kind of industry you'd like to be in is the first step.
The franchising opportunities are endless if you commit to find the best business for your schedule, time commitment and available funds. Check out Franchise Clique to find out all of your options and how you can best prepare to become your own boss!