This lesson is part of our free Franchise 101 course.
When you’re looking at what franchise to invest in, it can be easy to fall into the trap of going straight to the obvious options. There’s a natural appeal to the biggest names and the brands that you’re familiar with.
But if you want to maximize your chances of picking the right franchise, then you should cast a wide net, considering a whole range of franchise options.
Learning About the Franchises
One reason for this is that you’ll learn more about the franchises themselves.
If, instead of zeroing in on one or two options, you ask what other franchises there are, then you’ll find out about businesses you might never have considered. Maybe you haven’t heard of them. Maybe you didn’t realize they were franchises. Maybe you didn’t understand what they stood for or why they might suit you.
You’ll also become better informed about the strengths and weaknesses of the different franchises, allowing you to make a more informed decision about which one to work with.
Learning About the Gaps in Your Market
Your initial franchise interests will probably be shaped by what exists in your local market, as these are the franchises you see around you. That can be valuable, as it tells you about the area, but it also increases the risk of replicating something that’s already there or running up against stiff competition.
Looking at the wider options will highlight things that aren’t already prominent in your local area, whether that’s types of businesses or specific brands. This could lead you to unexpected market niches or a less crowded market, setting you up for success.
Learning About Yourself
Casting a wide net will also help you learn about yourself and your tastes. You’ll see your own reaction to different options, refine your opinions, and develop a more nuanced understanding of what you do and don’t like.
At the start, you might have a strong idea of what business would suit you best. Maybe you’ll even be right. Looking at a wide range of options will check that idea, clarify it, even challenge it by raising possibilities you hadn’t considered.
This isn’t just useful for picking the right franchise. It will also set you up to understand yourself better as an entrepreneur, to run your businesses better, and to shape a more successful career.
So cast a wide net, consider many options, and see what new knowledge that leads you to.