Tips for Choosing a Franchise Business
Discovery Point Blog
Tips for Choosing a Franchise Business
When you make the decision to purchase a franchise business, you open the door to a vast range of possibilities and opportunities. One of the most life-changing aspects of owning your own business is the ability to be the change you want to see in the world. As you run your business, you can lay the foundation for a future focused on the causes closest to your heart.
That’s why the process of choosing the right franchise business for your goals and preferences should be conducted with extreme care. It’s all about the lifestyle you want to live and the services you want to provide for your community.
Perhaps it’s important for you to have a work schedule that keeps your family front and center. Or, maybe you’re set on doing work that has a positive impact on the lives of others.
With so many variables involved along the road ahead, you may find it all a bit daunting. As you consider your options, ask yourself the questions below for clarity on the best way forward.
Questions to Consider as You Select a Franchise Business
In order to narrow down your options to a more manageable list, start by focusing on a select few industries that fit your personal values and financial needs. After all, you want to ensure the industry you invest in not only makes you a profit, but also makes you proud.
Once you’ve thrown out any options that fail to put a smile on your face, assess your answers to the following questions.
1. Would I prefer to be part of a company that’s large or small?
There are pros and cons to working with franchise brands of all sizes, so you need to decide which factors are deal breakers for you personally. For example, larger brands tend to offer better name recognition.
That being said, some communities may experience oversaturation with certain brand names. Franchisees with smaller companies could find it more challenging to acquire customers at the outset, but may benefit from more personalized corporate support.
2. Does the company have a proven franchise model?
One of the biggest advantages of buying a franchise is having a pre-set structure in place for your business. Of course, this is only an advantage if that structure is sound. Take the time to research whether the franchise you’re looking at has a long history of successful locations in communities similar to yours. If possible, reach out to other franchisees to ask about their experience with the company and what their day-to-day operations look like.
3. Would I purchase the brand’s product or service?
As a franchise owner, your mission is to sell the brand’s products or services to customers in your community. If you don’t personally value the product, you will find it much more difficult to not only be successful, but to even get through the day.
Opt for a franchise business you believe is the best in its industry. Only by providing value for your customers will you find fulfillment in your work as a business owner.
4. What level of support can I expect from the franchise?
All franchises offer some level of support for their franchisees, but the forms of assistance they provide vary dramatically. Initial support is important to getting your business off the ground and running smoothly. However, you may also need ongoing assistance to maintain your success. Keep an eye out for franchises that are dedicated to providing continuous guidance that promotes franchisees’ growth as professionals in addition to the growth of their businesses.
The flip side of receiving support is foregoing total autonomy. Franchisees benefit from brandishing a recognizable name and following a proven structure for success. In return, they must adhere to the guidelines set out by the franchise company. Before choosing a franchise business, invest time in understanding their expectations for franchisees and the extent of customization they allow.
5. What long-term benefits does the franchise offer?
It’s easy to become so overwhelmed by the excitement of starting a business that you neglect to envision yourself 5, 10, or 15 years in the future. Do you still want to be running your business at that point? How are you hoping to grow both personally and professionally?
Before you make any important decisions, create a progression plan that reflects any costs you may occur through business ownership and how you will exit or retire from the business. As some franchise businesses are also real-estate investments, the long-term equity of such an investment should also factor into your decision-making process.
When it comes to choosing a franchise, your options are numerous. If you want to open a franchise business that enables you to do work you love while maintaining a flexible lifestyle, consider purchasing a child care franchise from Discovery Point.
Call 770-623-1140 today to learn more about the many opportunities we have in store for entrepreneurs who are passionate about educational child care.