The 2013 Best of the Best lists will be published and online mid April (Part 1) and mid July (Part 2)
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Seven Sure Steps to Choosing a Franchise
Franchising is a wonderful way to go into business for yourself. So many things have already been established for your benefit: branding, marketing, processes, products, systems, etc. Building a business through franchising has been so successful that franchised businesses generate jobs for more than 18 million Americans and account for 10 percent of the private-sector economic output, according to a study recently released by the International Franchise Association Educational Foundation.
If you are convinced that you want to investigate franchising for your next career move, how do you go about finding just the right one?
This is one subject about which much as been written. Everyone has their own version of what you need to do to find that one, perfect concept for you and for your market. At FranChoice, helping people find their ideal franchise opportunity is what we do. As a result, we have worked with thousands of people looking to find the right franchise and realize their dreams.
Here then is our recommended approach of determining what to look for in a franchise that will meet your needs, expectations and goals:
Before you start looking at franchises, take stock of that most important component of the equation – YOU.
- What skills, experience and interests do you have?
- Consider your past jobs and determine what you liked best and least about them; then make a list of your strengths and weaknesses.
- How much money can you invest and how much would you like to make?
- Are you comfortable managing others or would you prefer to work alone?
- Where do you want to work? Are you willing to relocate?
- What hours are you willing to work while the business ramps up and what lifestyle expectations do you have after the business is established?
- How do you feel about selling and the sales process?
By starting with a list of what you have to offer and what you need from a business, you can create a strategy and model for your research.
Keep an open mind. Whether (at Step 1) you use a resource like FranChoice or do your own franchise research via the In- ternet, it is best to keep all options open when considering a franchise.
An inexperienced person may approach the process by thinking, “Well, I love donuts. How about a donut franchise?” And after spending days or weeks of research on Krispy