As we’ve discussed in this column before, finding just the right franchise opportunity to fit your profile is the single-most important decision you will make in the entire process. This blog is designed to provide the potential franchisee with a few helpful hints on matching your talents with a franchise opportunity. For those looking to get into small business ownership and/or franchising, some likely already have the perfect opportunity lined up. Still, some others may be extra cautious. Persons perhaps aware that they have a particular talent, but want to make sure that it will actually translate to success once they begin.
Before we really delve into some helpful discussion points, you should probably have a clear understanding that you don’t have to figure everything out on your own. Companies like FranNet specialize in helping candidates discover which franchise is a good fit. Our consultants have years and years of experience as franchisees, franchisors, consultants and former executives, all with a long-standing track record of top performance. We do an excellent job of assessing your strengths, looking at your goals and pointing out any potential plan deficiencies. From that point, we do our level headed best to navigate you on a path which will lead to not only success—but happiness.
One problem you won’t have is finding a specific franchise opportunity. With well over 3,000 concepts to choose from in the marketplace today, you’re actually better off narrowing down your choices down by industry first. One caveat here—just because you may have worked in a specific industry for over 20 years and now feel like you could run a similar business, this doesn’t always hold true. Keep in mind that you may want to end up with a franchise opportunity you would consider the furthest from your previous life. Most, if not all, franchise opportunities are set up in such a way that business success can be achieved through following a prescribed system. And every franchise concept includes a level of new franchisee support which must be carefully evaluated.
Most potential franchisees begin their search with a predetermined idea of the type of business they would like to own. However, this does not mean you shouldn’t keep all of your options open. There’s a reason we call this the discovery stage. If you have worked in a particular industry for a certain amount of time, you likely do have a leg up on the competition with your knowledge base and experience. If you find a very similar concept and it’s the business you want to own, then go for it.
Commitment, desire and motivation will play a crucial role in your selection process. If you can find a way to work within a particular passion of yours, it’s almost always a win-win situation.
Remember to take your time in discovering the right opportunity. Every franchise opportunity that you wish to investigate should be patient with you. We’ve spoken before about the importance of the Franchise Disclosure Document (or FDD). This is a required report due to an interested party that will help sort information and even answer some questions you didn’t know to ask.
Last, ask around. Most reputable franchise organizations will actually encourage you to speak with their existing franchisees. This is a good sign. When you do have this opportunity, begin where you began. Ask how they became interested in this particular concept. Ask what the discovery process was like for them on a personal level. Most importantly, ask about the level of ongoing support they receive from the company. Are they satisfied with the amount of assistance they continue to receive? We believe that support levels, though they vary widely, are crucial to achieving success in the long run.
When you begin your search to find just the right franchise opportunity, you are bound to make additional discoveries about yourself, your goals and the way you intend to do business. The franchise opportunity is only the framework. Just make sure that this framework is a match for your abilities and passion. In time, the rest should take care of itself.
Do you feel that you’re ready to get started? If this article has inspired you to investigate a franchise opportunity, perhaps it’s time for a free consultation with a qualified and experienced franchise consultant. As it turns out, FranNet is just the place! As a franchise consultant company with a great track record of assisting individuals on their path to business ownership, make arrangements to speak with one of our representatives today.