The answer is rather obvious. What is best for you may not be best for me. Maybe you love the idea of managing 10 or 20 employees and would thoroughly enjoy the pride and prestige of franchising for the world's best known fast food brand. Someone else may have just been laid off after 20 years of service for a computer software company and now wants to pursue his dream of a franchise opportunity that is home based and requires zero employees. You see, it all depends on your unique values and interests. The product or service you offer should be secondary to the type of lifestyle your business will allow you and your specific role as a franchisee.
That being said, however, there are several essential features to look for when evaluating any franchise business. Here are the top six:
Stable industry. You need to be marketing something that will be profitable no matter the economy. One example is a disaster restoration franchise in which the franchisee organizes the clean-up process for businesses when fires or water damage occurs. As the franchisee, you are assured immediate payment by the insurance company to clean up the water damage or rebuild after a fire and those repairs need to happen immediately.
A necessary, recession-resistant product or service. Choose something that consumers either don't have time to do/make or despise doing and, thus, would rather pay someone else for. Stay away from fads, as they are unpredictable and don't provide longevity.
Market potential versus the competition. It's wise to choose a franchise that has little or no competition from other similar, established franchises. You wouldn't (and shouldn't) locate a Quiznos franchise within a block of two Subway restaurants that have been there for two years and are always crazy busy. Ideally, pick a franchise where your main competition comes from small mom and pop stores, which allow you to dominate and thrive.
The leader in it's category. A major contributor to your potential success a franchisee is teaming with a franchise in which they are the undisputed leader.
A dominant brand. Brand recognition is huge. Aamco = transmissions. Fantastic Sams = hair care. This is a major reason to franchise in the first place.
Growth Opportunities. Look for a franchise that encourages you to buy a 3-pack or a 5-pack. Or one that markets the rights to become an area developer or a master franchisee. These are strong indicators that the franchise is thriving and planning to expand and grow the business.
There are plenty of franchise businesses out there that provide the above key components. The tricky job is identifying and finding them. That's where an experienced franchise consultant with a vast inventory of various opportunities can be a valuable resource to you. Call me for a free franchise discussion and together we can identify the best options for you and your situation.
Cory_Barber
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