How to find the best franchise opportunity for you!

Guest post by: Jim Coen
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10 Costly Mistakes to Avoid When Buying a Franchise - By Jim Coen

Finding the best franchise opportunity for you is a lot like helping your teenager find the right college, for those of you who haven’t gone thru the process just wait, its not which is the best college what is most important.

The best fit for your child, that’s what really matters. It’s the same with franchising. There are over 2,500 franchise opportunities out there. There are over 75 industries that have franchises operating.

The most important question is: what is the best franchise opportunity match for you? Which franchise opportunity is the best fit for you? Which franchise opportunity fits your skills, experience, life style desires, goals and financial situation?

Over the years I’ve learned that the franchisees that choose the best franchise opportunity were those who actively set up priorities.

Very often these happy franchisees came up with maybe five or six “must-have priorities” for their choice.

By answering these questions you can identify your “must have priorities”.

Where will the business be located? In the city, the suburbs, the countryside?
Do I want to commute? If so, what are the time limits?”
Do I want a home-based business?
Do I want to work five days a week? How many hours per day?
Do I want to be an absentee owner?
Is there a specific industry I want to work in?
Are there any industries, products or services that I will not work with under any circumstances?
Are there any specific characteristics that must exist in the business?
Do I want a product or service franchise?
Do I want an established system?
Do I want a large or small franchise system?
Do I want a system with slow and steady growth or a rapid growth one?
How important is name recognition?
Will I be happy with one unit or do I want to own multiple units or develop an entire area?
How much can I realistically invest in a franchise (money that does not have to be borrowed or raised elsewhere)?
How much should the total investment be?

By answering these questions you can identify your “must have priorities” and these priorities will help you identify which is the best franchise opportunity for you.

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10 Costly Mistakes to Avoid When Buying a Franchise - By Jim Coen

About the Author: Jim Coen

RSS for Jim's articles - Visit Jim's website
With 25 years of franchise, marketing, and entrepreneurial experience, and the owner of Franchise Perfection, Jim Coen, brings key skills to franchise consulting for those interested in buying a franchise business opportunity. At Franchise Perfection we serve as franchise consultants and advisers, “matching you with the perfect business”. Visit: http://www.franchiseperfection.com/index.htm For over 20 years Jim worked with Super Coups. which is a MA based direct mail franchise that delivers money saving coupons from local businesses to your mailbox. His responsibilities at Super Coups included: franchise marketing, franchise training, sales management, regional sales, and director of Franchise Development. Prior to Super Coups Jim successfully marketed franchises in the New England area for Uniglobe Travel Northeast a travel franchise, Merry Maids a maid cleaning franchise, & Emack & Bolio an Ice Cream franchise. Jim recently was the host of a popular radio show called “Let’s Talk Franchising” that aired on WBIX 1060 in Boston. Jim currently serves on the Board of Directors of the New England Franchise Association (NEFA) www.nefranchise.org
Click here to visit Jim's website.

More from Jim Coen
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About 60 of all franchise opportunities have less than 50 units
10 Costly Mistakes to Avoid When Buying a Franchise
How to identify your must have priorities in a franchise

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