Ways to Select the Franchise Best for You

Ways to Select the Franchise Best for You
By Alam Qureshi
7 Ways to Select the Franchise
Franchising is extremely popular. Many people are looking into franchising
opportunities because it offers one of the safest ways to start a business. If you want
to attain financial freedom and be your own boss, you need to select the franchise
that works best for you. Here are 7 ways to select the franchise that is best for you.
1. Evaluate Self
Do you really want to own a franchise? What type of businesses are you passionate
about? What type of work hours do you want? How much do you want to invest?
What type of results do you want to see? Where do you want to locate the business?
What are your contingency plans in case it does not work out? Once you can sort out
priorities like these, you start to whittle down the many options available and craft the
path that is best for you.
2. Evaluate Industry
Look at a master list of franchises and review them. Do not waste your time on
individual companies just yet. You should just focus on industry niches and
categories. Borrow a leaf from the questions that you would ask yourself and ask
questions about the franchise opportunities that interest you. If the answers do not
hit home or make you uncomfortable, cross them off.
3. Recession-Proof
When you are considering franchise opportunities, you need to ask yourself this valid
question. “Will this business continue to do well despite the state of the economy?”.
Businesses like salons, fast food joints, caring for senior citizens, clothing stores and
home improvement will always be around. The same cannot be said for upscale
retail and expensive businesses. You should consider recession-proof businesses
only if you want to stay for the long haul.
4. Request Information
After assessing the companies that fit your goals and aspirations, find out
information about them and read up. You can find information from brochures,
websites or videos. Pay a visit to their offices and see what you can glean from
development staff. Use the information that you gather for a further assessment of
these franchises and if they are worth pursuing.

5. FDD
After establishing contacts and submitting your questionnaire. The franchisor
provides an FTC mandatory disclosure document also known as a Franchisor
Disclosure Document. The FDD document contains detailed information about the
franchised company including the names of current franchisees, a contractual
agreement, history of the executives and other vital information. Review this
information carefully before taking the next step.
6. Talk Franchisees
You need to talk to existing franchisees before you eventually take that plunge. Find
out about how their businesses are faring and experiences. Ask them what they think
about the company. This puts you in good stead over how well franchisors provide
assistance for their franchisees. It gives you realistic expectations of how much is
required to start-up and how effective the marketing apparatus can be amongst other
things.
7. Pay a Visit to the Franchisor
A visit to the franchisor is the last piece of the puzzle. This is a good time to have
your remaining questions answered and to meet the people that will make your
business tick face to face. You need to be comfortable with the company that you
want to align with. So when you pay them a visit, keep your eyes peeled over those
little things that could tell you something extra.
Alam Qureshi is Franchise Finder and Broker of Record with ProClient Brokers Inc.,
Brokerage. He helps entrepreneurs find matching franchise business suitable in their
situation by providing free information about the concept. For more info.
check FranchiseFinders.ca