Are you considering opening a franchise but don’t know where to start? That’s understandable. You might be surprised to learn that more than 6,000 franchise systems operate in the United States. With that many franchises out there, how can you possibly narrow down that list and find the one that’s right for you?
Here’s where FranchiseHelp comes in. Its franchise matching quiz gives you a head start on the path toward that crucial decision. You’ll consider your options, learn how you can connect with franchises, and receive guidance on how to talk with franchisors. The FranchiseHelp process features a multi-question quiz that helps you work through the process. Through this valuable tool, you can ultimately narrow the field of potential options from an overwhelming 6,000 to a manageable six.
Figure Out Your Interests and Resources
Franchises exist in almost every industry. From fast food to tax prep to home repair to automotive, and everything in between, you can find franchise systems that have been built from the ground up. Prospective franchise owners should start by considering which industries interest them and which do not, and it’s at this point that you can start narrowing down your franchise options.
When you open a franchise, you embark on a long journey, so it’s important to make sure you’re on the right ship. If you make an investment in an industry that doesn’t truly make you happy to be part of it every day, you could end up running a sinking ship. Find out what you’re passionate about and pursue it.
Name Your Price
Perhaps even more important than working in an industry you love is ensuring that you make a financially prudent investment. It’s certainly lucrative to own a McDonald’s franchise, but on the other hand, it’s incredibly costly to get started in business with the fast-food giant. A smaller franchise system may be more your speed, although maybe McDonald’s really is within your reach. By figuring out your budget for franchise investment, you can help narrow down the field of options to potential franchises that make practical sense for you.
Narrow Down Your Options
Once you figure out your interests and resources, you’ll have cut the number of available franchises down substantially. Then it will be time for the next step: digging into the franchises that interest you.
For each franchise you find intriguing, you’ll study the role the franchisee plays in day-to-day operations, learn about the fee and royalty structures, and discover whether the franchise has a history of litigation with its franchisees, among other information. You’ll also want to have in-depth conversations with the franchisor. Through this research, the one franchise that is right for you will begin to emerge.
If it’s time for you to start looking for the best franchise for your future, be sure to check out FranchiseHelp’s franchise matching quiz.
Franchise Chatter is an affiliate partner of FranchiseHelp.