This lesson is part of our free Franchise 101 course.
In providing guidance on how to select a franchise, Franchise Chatter mostly focuses on external factors. We look at the features of the franchises, including their costs, industries, and revenues.
But if you want to pick the right franchise for you, you also need to do something we can’t: you need to look inward and examine yourself.
What Do You Bring?
When picking the right franchise for you, there are two factors to consider: you and the franchise. The “you” part is often overlooked.
To overcome this, take the time to consider what you bring to the table. What skills do you have that could be relevant to running a business? What sort of work are you particularly good at? What are you enthusiastic about? That last one is particularly important if you’re going to provide the commitment needed to make a new business work.
If you’re passionate about food, then a restaurant franchise could be the perfect choice. If you’re good at keeping a place neat then maybe you’d be good at carpet cleaning. Think about where you’ll really shine.
When you’re doing this self-assessment, it’s important to be honest with yourself, to embrace your weaknesses as well as your strengths. Nobody else is going to see what you’re thinking, so there’s no need to present a front, and knowing your limits can save you from making a mistake.
For example, if you’re not very creative or interested in art then a paint and sip franchise probably isn’t for you, as you won’t have the knowledge or enthusiasm to get it just right. If you don’t enjoy being cooped up in an office dealing with figures, then an insurance franchise probably isn’t going to work for you, however profitable it looks. And if running a successful pizza shop would involve working an hour’s drive from home, and you don’t want to spend so much time commuting, then it’s not the right choice.
Using Your Own Insights
Once you’ve evaluated your own strengths, weaknesses, and passions, compare them with your shortlist of potential franchises. Franchise Chatter’s ranked lists of franchises will provide you with a good starting place for this, and give you invaluable information about the franchises. But it’s only when you combine that with an understanding of yourself that you can pick the perfect franchise opportunity for you.