What is the best franchise to own in 2018? One that aligns with your skills, interests and financial parameters.
How do I know which franchise that is, if I qualify and how can I save time in my effort to find the perfect franchise for me? Below you will find 5 steps to finding the right franchise for you.
Evaluate your skills, likes, dislikes and financial parameters. You should be very through in this self-evaluation. One key factor to being successful and happy in your franchise is partnering with a franchise that shares your values, has a history of successful franchisees that share your skill set, and you are in a position financially to fund the startup of the franchise according to item #7 in the FDD. Always confirm startup costs during validation calls with current franchisees.
Research brands in industries that are of interest to you. Below are a couple good resources to find a list of franchises
I would like to caution you before you visit these sites, if you fill out a form on either of these websites, or any other franchise information website, your information may be sold to several franchise consultants or franchises which may result in being inundated with phone calls and emails from all that buy your information. These are likely all trustworthy consultants and franchises so there is no need to be concerned about your information being misused, it just means you will end up with more calls and emails than you may want. here are those resources.
Make a list of 15 to 20 that stand out to you that you feel you may qualify to be considered as a franchisee. Look at their overall ratings and franchisee satisfaction, learn as much about the franchises before moving on to the next step and have a list of 15 to 20 you still feel might be a fit.
Contact the franchises you have chosen. Why such a big list? Several will not reply, some will be out of available territory, and you may learn a couple are not really a fit after having a conversation with them. Take your list of 15 to 20 and find their direct franchise opportunity web page, there you can read more about their opportunity and qualifications and if still interested, fill out their application for consideration to have them contact you. You can try calling and leave a message for them to return your call, however they are less likely to return a message than they are to respond to someone that showed they have a true interest and have done some research to know they may be a fit by taking the time to fill out their application for consideration.
Discovery is the process of mutual evaluation so out of the 3 or 4 left on your list, both parties can determine if there is a mutual interest. The goal is to narrow your focus from the 3 to 4 left to one that is a fit for both franchisor and you. The franchises you are considering are evaluating you to see if you are someone they want to work with, just as you are evaluating them to determine if they are a company you want to partner with. Open communication is key.
Validate the information received from the franchise with current franchisees. Although franchises are regulated by the FTC (Federal Trade Commission), and all the information provided in the FDD (Franchise Disclosure Document), is to be true and correct, it is always best to validate that information with people that have first hand experience with the franchise team and nothing to gain if you invest in the franchise. This is the final stage to have all the information you should need to make an informed decision.
How long will this process take?
If you are serious and dedicated to this process, it may take several months from the time you start your research to the time you are able to make a responsible and informed decision.
Time saving tip
One way to save a great deal of time looking for possible franchises that are available and you qualify for, is to work with a franchise consultant. When you work with a good franchise consultant, this process usually takes 4 to 8 weeks from the first conversation to the point where you are able to make an informed decision. A good consultant has direct relationships with several top franchises and knows the qualifications, so they are able to check available territory quickly and present only franchises they believe are a match based on the criteria given and are available.
How much does it cost to use a consultant?
Working with a franchise consultant is free to you. The franchise company will pay the consultant for bringing a qualified candidate that becomes a franchise owner. The franchise fee will be the same regardless of how you found the franchise, this is per the FTC (Federal Trade Commission) regulations. Also consultants are considered part of their development budget to find qualified candidates so they are actually happy to pay consultants for bringing quality qualified candidates that become franchise owners.
I like to be transparent and forthright. I am a franchise consultant and belong to a network of professional franchise consultants, IFPG (International Franchise Professionals Group). I earn a placement fee when one of my candidates decides to become a franchise owner of a franchise I present to them. I would love to help you in your efforts to find a franchise, however you want to work with someone you feel comfortable with. I may or may not be that person. The same resources I shared earlier have lists of consultants if you would like to explore all of your options, here they are again
If you are comfortable with what you are learning here and are ready to get started, fill out the general franchise registration form below. I am not a lead generation portal. I do not sell or share your information with anyone other than franchises you decide you want to hear from directly.
after you complete the registration form
and we can start this process together.
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I am dedicated to providing helpful information. If you did not find this information useful or helpful please let me know how I can improve by leaving your comment in the comments box at the bottom of the page.