How To Find The Best Franchise Opportunities
Finding the best franchise opportunities on the Internet can be quite a hard task. There is estimated to be over 3,500 franchise opportunities in the United States and Canada today. Franchising has proved itself to be the most effective form at one to run their own business, but where are you supposed to look? In this article, I will expose to you where you should look for franchise opportunities, how to properly evaluate the franchise, and how to decide if the particular franchise is the right fit for you.
Where should you look for franchise opportunities? Well, franchise opportunities are all over the internet, the question for you should be which opportunities are worth your time. First off, I suggest that you put together a plan of action before even beginning to research for the best franchise. You need to sit down and figure out which industry you could see yourself owning a business in.
Have you worked in the restaurant business all your life? Are you a personal trainer that has been thinking about opening a gym all your life? These are very valid questions you need to be honest with yourself about. Choosing the industry to buy a franchise in is the most important decision you will make. Once you sign the franchise agreement, there is no turning back.
Okay, so you have found the right industry for your franchise. Now, which particular franchise is the best opportunity for you? When evaluating a franchise, it is extremely important to remember the following: total investment required, franchise fee, management support, number of currently franchised units, and years in business. Those five fundamental categories are the most accurate and best ways to truly see how properly and efficiently the franchise runs. You need to be honest with yourself in regards to your finances. If the initial capital required is $100,000 and all you have is $70,000 then chances are you are looking at a franchise that is way out of your league. It’s better to look at lower costing franchises and use the extra money to focus more on your advertising and marketing efforts.
Now, how are you going to decide if the particular franchise you have chosen is the right fit for you? There are a number of points that you need to think about before signing the franchise agreement. First off, does the franchise opportunity express you? This might sound a bit strange, but it’s very true. If you are a sports fanatic and a work-out maniac, do you really want to spend your days working in a Florist shop? Chances are that you do not. I have seen franchisees blinded by the promise of making big bucks working in industries where they really have no business being in. Franchising in its beginning stages is a 24/7 at least 40 hour a week job. Don’t want to work? Fine, nobody will suffer but yourself. If the franchise opportunity fits your budget, personality, and current life then you should be prepared to put your all in the business for the next couple of years.
Finding the best franchise opportunity for yourself is not an easy task. It can take months, at times even years before you truly find the franchise you want to invest your life into. There are estimated to be over 3,500 franchise opportunities in the United States and Canada today. You should put yourself and the franchisor under a microscope before this life changing decision is made. I have taught you how to evaluate the franchise, yourself, and the industry you should be working in. The rest is up to you my friend. Good luck in your quest to self-employment and independence, it is a great life once you finally reach it.
About the Author
Steven Smith’s background includes being a successful franchise owner and franchise consultant for over 20 years. Low Cost Franchises is a leader in showing the latest best franchise opportunities , news, and articles via its directory site.
Franchise Financing in 2010 – Bob Coleman Fox Business News Interview January 23, 2010