Researching Franchise Opportunities
There are many franchising opportunities available, but you need to decide which one is right for you. This requires a lot of research before zeroing in on the right franchise opportunity. Meet various interested franchisors, first of all, to choose the one that fits your business goals and your style of working.
Below are some steps to follow in order to find the right franchise opportunity.
- Ask the company about their business. They might hand over a pamphlet or a booklet which has all the information regarding their company, its products and services and its working style. They will also ask for information regarding your qualifications, business experience and financial support. Also prepare a document to share information regarding your educational qualifications and experience.
- Once the regular information is shared, the company will give you their legal documents to go through their company format, profit and loss account, other franchisee (an individual who owns a franchise) information, and their financial liabilities towards the franchisees.
- Discuss with other franchisees – To know more about the franchisor, you can contact their other franchisees and have a lengthy conversation on their comfort level. This will give you a clear idea on how the company is fairing in the market place today, how they treat their franchisees and how the business is. You can also ask them about the kind of training they received, the franchisor’s support if any, and marketing strategies for the franchisees, suppliers’ information and profit-sharing.
- Go through the franchisor’s documents – Ensure this company follows a format which secures all the records regarding franchisees. You might not be allowed to take a look at those documents but asking them about it might give you an idea if they really exist.
- After all the above discussions, the franchisor might invite you to their main office to have a face-to-face conversation. This is a very important step, as this would help you know and understand the person you will be working with on a regular basis. It is very important to share a good rapport with that person, as it will make everyday deals easier.
The above 5 steps will help you come to a conclusion regarding the franchise opportunity. You might have cleared all your doubts, completed the research and reached a stage where you can decide whether this opportunity is right for you or not. If not, then continue your search.
Follow the above steps, seek out expert advice and select the franchise that matches your business skills and interests. Find plenty of other helpful franchise information online to help you decide what is right for you and what isn’t, too. Research keywords like “franchise opportunities” in major search engines like Google and Bing.