If you are looking into buying a franchise business, it is important to do your due diligence when it comes to researching the various opportunities that are available to you. In my experience, these are the top 5 ways to find out if a franchise opportunity is right for you:
- How much money do I need to invest? If you spend money on a franchise opportunity at a level that makes you uncomfortable, it will have a negative impact on your ability to run your business to the best of your abilities. Fortunately, if you conduct proper research and realistically analyze your finances, you will be able to create a list of the best opportunities that meet your budget. By weeding out the franchises you can’t afford, this will help you make a wise choice that avoids needless worry and stress.
- How much money could I make? This is a valuable question that is not always easy to answer. I have found that the best solution is to research the franchise directly. Once you are comfortable with what you learn, contact the franchisor see if you can go on a tour of existing franchises so that you can speak with the owners and hear what they have to say. That is something we do that new owners always tell us is extremely informative and helpful to them.
- Are they there for me? It is really imperative for new business owners to be aligned with a franchisor that is genuinely invested in their success. When you are new to any franchise system, you will rightfully have many questions after you are up and running. When a franchisor offers ongoing support, it means that there will always be someone there for you to lend you their ears and their expertise in a particular area of your operations. Make sure you ask the franchisor about their support plan and how they will help you every step of the way.
- Will they help me find a location? Some franchisors provide assistance when it comes to selecting the best location for your franchise, and they will even do lease negotiations on your behalf. Finding just the right space and negotiating well when it comes to your lease could really help your bottom line for years to come.
- Will the training be enough for me? Every franchise you research should be able to tell you about a comprehensive training program they have in place. This is perhaps the most crucial part of your learning to successfully run your franchise within the system, and the training should provide you with in-depth, working knowledge of how to run your new business. With that said, the training should not stop there, and ongoing training is something you should ask about during the franchise research phase. It’s not only about what a franchisor does for you to get you up and running on day one, but how they will help you in the years to come.
The good news for those who are looking into franchising is that you really do have many different options to choose from. By being smart about your research and asking the right questions, you will be able to find the right opportunity that fits your budget, meets your needs, makes you successful, and helps you out along the way.
Jack Panzer is area manager for Minuteman Press International for the Colorado region providing ongoing support to Minuteman Press franchise locations in his area. Learn more about Minuteman Press franchise opportunities at www.minutemanpressfranchise.com.