With more than 3,000 different franchise brands currently active in the United States today, the search process might seem overwhelming. How do I sort through all these opportunities? Which one is the best for me? How do I know if I will enjoy the business? Is the brand successful?
As with other major life choices, following a patient, diligent decision path will lead you to great results. I would recommend the following 3 step process to help you find options that fit you well.
First, take a personal inventory. Before you can start to identify great options, you need to understand what you are searching for. In my work as a franchise consultant, I have found that answering a few key questions can focus your search process tremendously. What are your answers to these questions:
Do I want to be an “owner operator”, “executive owner” or “semi absentee owner”?
- All 3 ownership models can have success but probably only one is the right fit for you at this point of your career.
How comfortable am I with sales and marketing?
- Though all business owners need to take responsibility for sales and marketing, there are different types of involvement. Are you comfortable selling yourself? Are you willing to be a cold calling salesperson? Can you effectively manage a team of sales professionals? Do you prefer to own a business that is marketing driven and not sales driven?
What financial attributes am I seeking?
- How much capital are you ready to invest in your new business? Are you willing to borrow money to supplement your cash contribution?
- What is your desired income?
- How quickly does the company reach a profit? How quickly does it reach peak profitability?
After you have taken a personal inventory, you move into the second step of the selection process. At this point, there will be a much more focused group of franchise companies that meet your personal profile. This is the point at which you dig into real investigations. You start spending time to talk with the franchise companies directly to gather facts.
You follow up your initial investigation by talking to current franchise owners in that system to validate their performance and feelings about the franchise. You take time to visit the company and meet the executive team.
Only after the personal inventory and franchise due diligence to you reach the first step – decision time. Congratulations! At this point, you have evaluated your personal situation and goals and have matched those to great franchises. You have performed a full investigation and are now prepared to make a fully educated decision about each opportunity that you have considered.
You should feel strong and confident that you have patiently and diligently found the right opportunity for you.
To discuss any of these steps in more detail, please contact me to schedule a one on one conversation.