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Choose Five Franchises.....
March 05 , 2010

Choose Five Franchises…and call me in the morning!

Sounds almost like the old doctor’s advice of “take two aspirins and call me in the morning”.

Why do I suggest that you choose five to begin with?

Several reasons, actually.

First, now is the time when you still have all the freedom of choice in the world.  You have not signed a franchise agreement, paid an initial franchise fee, chosen a location or territory-done any of the things that tie you down to just one possibility.

Instead, you are still in position to examine a number of business ideas and then begin to weed through them looking for the perfect fit.

Why five?  No particular reason other than you will benefit greatly by comparing and contrasting five offerings with proper research.  They may be all in the same field, for example, senior care.  That is a relatively new concept and there are perhaps two dozen different franchises in this area.

By looking at several, you will begin to get a feel for what exactly each claims is its superiority, the territory offered, the terms, the training, support and so on. 

If possible, also look into starting a similar business on your own or purchasing a similar business that is already operating in your area.  You should be able to see, with research, whether or not a franchise makes for a superior deal for you.

The five franchises don’t have to be in the same field.  You may look at a handyman franchise and a kitchen remodel deal if you are a hands-on type person. 

The reality is that there are so many offerings available today that you can be selective. 

If you have already narrowed your search to just one or two companies it might be a good idea to once again widen the search for several weeks to make absolutely sure that you are proceeding for all the right reasons.

A wrong reason might be that you are running out of the cash you think you will need to get up and running.  Inadequate cash reserves is probably the biggest reason franchises fail.  Don’t get rushed into a deal you aren’t “big enough” for.  Most franchisors will point this out for you, but many won’t.

Apply the same criteria to all franchises you are studying.  Earnings potential, lifestyle, daily activities involved in running the business.  Exit strategy.  Look at every deal from multiple angles.

Don’t hesitate to call on our franchise professionals.  We are here to help.  We are compensated by our franchise partners.  They appreciate that we screen candidates and do lots of the heavy lifting required to match you up with the right opportunities.

 

 

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