Article - Narrowing Your List of Franchises
Narrowing Your List of Franchises
When you set out to own a franchise, you might begin your search with a common question, “How do I find the right fit for me in a franchise business for sale?”
First, you need to know why you would want to own a franchise. If you do not yet have a clear picture of why you would want to be your own boss and own your own business, see this article on Why Own a Franchise.
Once you know why, you can narrow down the list of franchises to consider. Where do you start? Before you go online and review countless websites, and the more than 1,100 franchise business opportunities, start with yourself. Spend some time with pen and paper and answer the following questions.
- What do I love to do?
- What I am really good at?
- What could I do 10 hours a day and be so excited about it that I go back the next day and do more?
- What do I dislike doing?
- What do I want to avoid?
Now sit back and read your responses. You should have a much clearer vision of what you are looking for in a franchise business opportunity. And what you want to avoid. To help paint this picture for you, here are two ways one might answer these questions.
- I love being with people.
- I am really good at selling.
- I could meet someone new every hour and look forward to the next meeting and be excited even when I don’t sell something.
- I can’t sit at a desk or in one location for more than four hours without going crazy.
- Computer work.
Or, here's another way those answers might look.
- Problem solving.
- I am really good at managing people.
- I could help someone in need every day.
- Public Speaking.
There are no right or wrong answers. But now that you have them, can you narrow your search to just a few choices? Before you try, there is another critical step. The key to steering yourself in the right direction is to further refine your list of franchise businesses based on these five categories:
- Restaurant-Food Business – This type of franchise involves very little selling, but you will manage people and work at a fast pace. See examples.
- Business to Business Franchise – This type of franchise involves selling services or products to other businesses. Your success depends on your ability to network and sell.
- Business to Consumer Franchise – This type of franchise involves selling services or products to individuals or consumers. It requires patience and the ability to build rapport with customers. See examples.
- Retail – This type of franchise involves being in one location and selling inside and outside the store location. Customers come to your location so you aren't calling on customers all day. See examples.
- Home Based – This type of franchise could be business-to-business or business-to-consumer but it does not require you to rent commercial space for an or a store (this may be very important to you). Something to consider is that home-based franchises can also be mobile services franchises as well where you go to the customer's location to deliver the product or service. See examples.
By using the self-awareness questions, and narrowing down your franchise search to one of the five categories, you will be better able to research franchises that best fit you. If you are a veteran or minority, also consider franchises that offer incentives.
Be honest with yourself, if you know deep down that you do not want to consider a restaurant franchise, eliminate the category as an option. Or if you know that you would prefer to work from home, focus on those businesses. This saves you time, and helps you develop a manageable franchise list with the right brands and concepts for you.
Click here to read about the KASH (Knowledge * Attitude * Skills * Habits) Model of Success from franchising author, Joe Mathews.