Tips for Choosing Just One Among Thousands of Business Franchise Opportunities
Once you have made the decision to start a business as a franchisee, it's time to make a decision from among the vast number of business franchise opportunities: Which one interests you the most, which type of business you want to get in to? This is not a decision to be taken lightly. You'll be investing potentially significant time and money to get started and run your new business.
This article will provide the beginner basics of how you should choose the right franchise business opportunity that you'll find enjoyable, rewarding, and profitable.
To start, simply look around you. You'll find franchise opportunities just about everywhere. You'll see them in newspapers; look in the business section for example of the Wall Street Journal and you'll see display ads and classified ads promoting them. You'll find opportunities on signs like billboards and posters in business franchise locations themselves. And of course, use the Internet. Even a quick look on the web via the search engines will provide a huge amount of information regarding the opportunities for franchise businesses.
The very first step in determining which franchise opportunity you want to pursue is to think about and jot down your strengths and weaknesses. This will give you an indication of not only the type of franchise businesses that interest you, but also those that don't.
Think of your career history so far; pull a recent copy of your resume if you have one to help jog your memory about the jobs you've had. What did you like and dislike about them? Think about your business desires and dreams: What type of business have you always thought you'd like to run? Answers to these questions will point you in the right direction toward choosing a franchise business.
When you've narrowed down your list of interests, likes, and desires, go to the Internet and search for franchise opportunities in your areas of interest. Locate other franchisees in the same businesses you're considering and contact them. Ask for a few minutes of their time to talk with you. Pick their brain. Try to uncover their thoughts and opinions about the franchise business. They are actually the best sources of information about the business; they're in the trenches daily, running, managing, and building the business and can therefore give you a real, honest assessment about the business.
And don't just limit yourself to your own geographic region when talking to other business franchise owners. Try to contact as many people in other parts of the country. The potential of many business opportunities can vary from region to region as a function of the demographics and market conditions of different areas.
Attend a franchise convention where you can visit and talk to a huge number of different franchise vendors. Just be aware that these vendors are biased toward their own offerings since, naturally, they are at the convention to sell prospects on their franchise opportunity. Be prepared in advance. Don't sign up for a franchise then and there! Use the time at the franchise convention to visit as many companies that are in line with your interests. Get literature from and talk to as many as you can so you can get a solid idea of what each opportunity is and what it has to offer.
Franchise ownership is a huge step, and it can be extremely rewarding. But research up front is the key to choosing a franchise opportunity you will happy and proud to be involved with. Be as informed as you can to give you the best chance of being successful. A lot of money can be made with a franchise. On the flip side, money can be lost especially if you find you made the wrong decision.
So, assess your interests, strengths, weaknesses, desires, past accomplishments and career roles, and goals. Do your homework extensively, talk to as many franchise industry pros and franchise business owners as you can, and carefully analyze your data. These are the critical first steps in narrowing down which business franchise opportunities you will be happy with, and ultimately, which franchise you decide to go with.
