How to Select the Right Franchise
You know the situation if you have ever tried looking for a franchise. You are looking at an a la carte style menu and it says tick the franchises that interest you. But how do you know if those Brands are right for you and if you’ll be successful with them? Is this the only list to use? You read the glowing one-page summary on each franchise and you pick your top 20 favourites. Then you wait.
You have just lit the fuse to twenty pieces of Dynamite
Within hours the phone starts to ring and you are lost, confused, exhausted and annoyed. How did this happen? It also seems you got more than twenty calls and you had people call you that you did not even request. All you wanted was a little information.
Is a little information enough?
For starters, wanting a ‘little information’ is your first mistake. This is a major business decision. All the information you need is not online. OH MY! You need at least 7 to ten hours to thoroughly investigate any franchise. So go to your room (or office) and do your homework! Now for the scary stuff. You may not be looking at any of the right brands for you. In fact, many great brands do not list on these menus. Oh, and by the way, and as reference point there are over 3500+ franchises in North America.
The problem is you started in the wrong place
How much do you know about franchising? Did you assess your current reality? You are exposed to making the biggest mistake you can make in Franchising and that is not selecting the right franchise for yourself and Family. The implications are far reaching.
Where do you turn?
So now that you are overwhelmed and confused, you decide to seek help. Where do you turn and whom can you trust? Family? Business colleagues? Maybe. But quite frankly, you need more than that.
Beware of the buffet approach to franchise selection. You’ll notice that that on the Franchise Rainmaker website there is no reference to brands. (This is your first clue). You are unique and you have special requirements. But you probably don’t have the time or the ability to gather the right information on 20 different franchises. Then, do you have the expertise to narrow down your choices and find the right fit?
You deserve a better way. The good news is there are some great advisers out there in the franchise business. But how do you find the right one for you?
Joe G. White is Owner of MFR Inc. “The Franchise Rainmaker”. He provides professional advice to people looking to engage in franchise ownership He can be reached at 647-724-0742 or email@example.com.
“success through knowledge”