Learn Which Franchises Can Make You Rich

This lesson is part of our free Franchise 101 course.

Picking the right franchise to work with isn’t just about the franchise, it’s about you. One of the best tools you have for ensuring that you find the right business is your awareness of your own strengths and weaknesses.

America's Most Lucrative Franchises of the Year

Playing to Your Strengths

It’s easier to think about positives than negatives, so let’s start with how to use your strengths.

Are you great with children? Then you could really succeed in a child-centered franchise, such as a day care or certain family restaurants. Your skills will lead to a better service and keep your customers happy, both the tiny customers and their parents.

Are you really creative? Then maybe something artistic like a paint and sip franchise will be for you. You can put those creative skills to good use and save yourself from having to hire in the expertise your competitors will need to find.

Are you great with numbers? Then a franchise dealing with accountancy and taxes could be a perfect fit. You’ll get the work done quicker and better than people who have chosen that route just because they see the dollar signs.

Picking a franchise that fits your strengths gives you a chance to go beyond acceptable service and into exceptional. That’s how you make a really stand-out business, meaning that you’re not just relying on brand value to carry you through.

💰How Much Franchise Can You Afford? Use Our Free Financial Calculator

🎯Find GOOD Franchises in Your Target Industries That Are STILL Available in Your Area (Free Tool)

But there’s a flip side to this too.

Dodging Your Weaknesses

Your weaknesses can help you to pick the right franchise, or at least to avoid the wrong ones.

For example, if you’re not comfortable meeting new people and immediately interacting with them, then a business that’s constantly taking you out to meet new clients in their homes and businesses probably isn’t for you. Instead, you’ll want a business like a retail store with a strong, well-known brand identity, where customers will come to you and you can meet them within the comfort of your home ground.

Perhaps you’re not great working with your hands. In that case, you shouldn’t be looking at painting and decorating franchises, but perhaps you’d be better off with something that involves supervising workers or thinking through clients’ problems.

Knowing your weaknesses lets you filter out franchises that initially look appealing but that are actually a bad fit. This trims down the possibilities, giving you fewer things to research and making it easier to pick the right one.