Clients and friends often ask me, how does someone interested in franchising figures out which franchise is best for them?
Once someone starts researching the world of franchising and learns about the hundreds of industries, top brands, and ownership options available, it can seem overwhelming. My answer to them is my best advice:
Trust the Process.nnMy process of working with prospective franchisees involves asking many questions about several topics. The first questions are about their lifestyle goals, background, and passions. To identify the right franchise “fit,” it is crucial to determine the short-term and long-term lifestyle and financial goals they seek. Do they want to work full-time or part-time? Are they okay being in the business most of the time, or is there a desire to travel and have a very flexible schedule? What income goals do they have? Do they want the business to be a legacy business? There are franchises that fit just about every lifestyle and financial goal out there. As a franchise expert, Knowing this information helps me to look at opportunities that could be an excellent fit for them.
The next questions are about their financial goals. Again, it’s essential to look at both short-term and long-term financial goals. Is a franchise something they can truly afford? How are they going to pay for the business? Are they able to secure the best financing possible when buying the business? What type of return are they looking for with business ownership? How many years do they plan to own the business? Have you discussed this with your spouse? Do you need to discuss this with your spouse (yes!)? Is this a business they would want to be able to pass down to their children? Once we have the financial questions answered, it helps narrow down what businesses we can look at and what we need to avoid.
The third set of questions are around passion and experience. These are some of the most critical questions. They include: What have you done in your past that could be brought into a business? What do you love to do? Is there something you’ve always wanted to do but didn’t because you were in the corporate world? It’s essential that the franchise purchased is one you wake up excited about every day. Are you able to stand in the mirror every morning and get excited about what’s ahead for the day? It’s not about which model can make the most money in the least amount of time or a location closest to your house. It’s about being passionate about starting and building the business, along with wanting to put in the work to make it successful every day!
The biggest takeaway I’ve had working with clients is that the more open they can be with me initially, and while we are working together, the better I can help them reach their goals. We do a lot of talking when going through the process. Provide as much information and trust the process!nnAbout the AuthornEddie Rodriguez has been a successful entrepreneur/business owner for over 30 years, primarily in the Apparel industry. He’s also owned a multi-unit fitness franchise and worked as a franchise consultant for the past six years. If you want to open a new business, his background and experience will serve you well. Contact Eddie at 305-460-9925 or at firstname.lastname@example.org.