Discovery Point Blog
Tips for Choosing Between Franchise Opportunities
With so many franchise opportunities out there, it’s not always easy to tell which one will be the right business endeavor for you. Avoid making expensive mistakes by taking your time and doing plenty of research before committing to a franchise.
There are a number of factors that you’ll want to take into account in order to make a decision that puts you on the path to business success. Read on for our tips for narrowing down and choosing a franchise opportunity.
Your Road Map for Choosing a Franchise Opportunity
At Discovery Point, we understand how critical it is for potential franchisees to be well-informed of the opportunities available to them before settling on a single option. Here are some steps that we recommend taking in order to determine which franchise you’ll have the most success with.
Examine what you want out of a franchise
When you visualize yourself being a franchise owner, what do you see? Are you working alongside your spouse? Are you actively engaging with your local community? Are your hours set or flexible? How involved are you in the day-to-day operation of the business?
This visualization practice is an important step for identifying what you intend to gain out of becoming a franchise owner and how you want your current work-life to change.
Take a hard look at your personal strengths
You may intuitively know what types of work-related tasks you’re most comfortable with, as well as at which ones you are best. Now is your chance to select a field of work that enables you to put your strengths to use for your own benefit. For example, if you have a talent for engaging with people, you may want to choose a franchise that allows you to interact with your clients on a daily basis.
It’s important to note that you don’t necessarily need to have a specific set of skills in order to enter a new industry as a franchisee. You simply have to be eager to learn and willing to step out of your comfort zone.
At Discovery Point, we don’t require franchisees to have certain skills or experience in child care. We look for potential franchisees who have previous business experience and management experience is always a plus.
We do help new franchisees develop the necessary skills through a 4-week training program and ongoing support. As skills can be acquired, what’s more important is that you have a passion for the type of work you’ll be doing and the creativity to apply your strengths to a new field.
Sort through franchises based on business type
After establishing what you want out of a franchise and identifying your personal strengths, you’re left with specific criteria that can be used to help you sort through different franchise opportunities. Start by examining how various franchise concepts meet these criteria.
Aim to be logical as you wade through these details, and avoid crossing options off of your list based on an emotional or “knee-jerk” reaction. It’s also best to postpone weighing the benefits of working with individual brands until you’ve narrowed down your options.
Meet with franchisors and their franchisees
Once you’re down to a handful of potential franchisors, it’s time to get personal. Having an in-person meeting with the franchisor allows you to get a sense of their management style and to see how it meshes with your own style. This is also a good time to ask questions about the daily work lives of their franchisees and the specific qualities and personal strengths they believe lead to success in their industry.
In addition, one of the most important things you can do at this point is to talk with other franchisees about their experience. You’ll immediately get a sense of how they feel about the training and support they’ve received, as well as the return they’ve made on their initial investment.
At Discovery Point, we’ll have you attend an in-person meeting called “Discovery Day,” which gives you the chance to get to know our corporate support team, visit child care centers in your area, and speak one-on-one with local franchisees. Our aim is to answer all of your questions and help you determine whether our franchise opportunities are the right match for your personal strengths and professional goals.
Are you ready to learn more about Discovery Point’s franchise opportunities? Give us a call at 770-623-1140 for details.