If you are reading this article you are already taking the right steps to choosing the correct Franchise, as you already have a grasp on the most vital part of choosing; research. Choosing the right franchise will most likely be the most important decision you will make in your career and getting this wrong can be an awful experience. This is why we recommend researching extensively before making your decision.

Does this franchise suit you?

The first step when choosing your franchise is the simplest; you need to understand yourself before you can understand what will work for you. As you will be the person spearheading the franchise and will commit a lot of your time there, then you need to do something that interests you - something that you can commit to and in an area that you can either learn or already have a lot of knowledge in. Answer the following questions and think about yourself to find out what types of franchise that suit you;

  • Personal interest – What interests you enough that you could work in that industry?
  • Skills/Strengths – Do you have any skills or strengths that would work well in a franchise industry?
  • Finance – What is your financial limit for a franchise?
  • Stationary/Mobile – Do you mind travelling a lot or would you rather have one location to work from?
  • Time Commitment – How long can you realistically commit to each week?

Market/Industry

Once you understand yourself, you need to develop a knowledge around the industries that you are interested in. Even if you find the perfect fit for you in terms of interest, you need to be sure that the industry is strong and will continue to grow. Questions you need to answer in terms of the market are as follows;

  • People in the industry – Will you be able to work effectively with the type of people in that industry?
  • Saturation – How many businesses of your chosen industry exist already and is there room for more?
  • Proven/Fad – Does this industry have a proven market track record or if not, is it just a fad?

Location

You should now have a list of franchises that interest you, that are part of a market that will prosper and works for you, now you need to consider location. The types of franchises you have will require different locational requirements and you need to consider what is viable for where you plan/want to have the franchise. To achieve this if you answer the following questions you will be able to decipher if these franchises work for your location;

  • Does your chosen franchise need a busy footpath of people to bring in customers?
  • Is your franchise going to need a large workforce, therefor will you need a car park?
  • Does the location have the target population for you chosen industry?

Assessing the Franchisor

Brilliant, you have found the type of industry you will thrive with, you should now think about what franchise you will choose within that industry and, for this, you should start with assessing the franchisor. Each franchisor will offer different benefits and drawbacks but areas you need to consider are;

  • Does this franchise have a proven track record?
  • Financially, how have they performed in the past and how does their future look?
  • How willing are they to help you with expert advice about the industry and setting up their franchise model?

Franchise Agreement

Finally, you have a franchise that can work for you and now all you have left to do is the T&C’s, however you have researched extensively this far and you shouldn’t stop now. The franchise agreement is a legally binding contract that will detail what is expected of you and the responsibilities you will have, therefore you need to be sure you can commit to this before considering your research complete. Questions you need to answer for yourself are;

  • Can you commit to this?
  • Does it provide enough support for you?
  • Is it comprehensive enough to ensure they’re no grey areas?

 

If this has helped you find your new franchise then, congratulations! On the other hand, if you feel overwhelmed by this information or still unsure, we will be delving into each area in more detail in later articles, so be sure to sign up to our newsletter and check out future post focused around this topic.

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