Once you have decided that buying a franchise is the way to go, the next step is choosing what kind of franchise you should invest your money in. There are thousands of franchise opportunities to choose from. With over a hundred different franchise categories available, finding the right franchise can be a very difficult task.
You will read many different articles that will suggest which are the best franchises to buy. You may even consult with a franchise broker or franchise consultant who will claim they have the perfect franchise for you. Although these articles are very informative and your local franchise consultant is very knowledgeable, no one will know what kind of franchise is right for you. The only person that will know what kind of franchise is right for you is you!
Choose an Industry You Are Interested In
Many people I know hate their jobs, and will always hate their jobs. One of the greatest advantages you have when buying a franchise is the freedom to choose an industry that you are interested in. The very first thing you should do when you are investigating buying a franchise is narrow down your choices to just one or two industries. These industries should be industries that you are interested in or have prior experience in.
I cannot emphasize this enough. If you have no experience in pet grooming and do not like animals, do not buy a pet-related franchise just because you read an article about the enormous growth of the pet grooming industry. One of the biggest reasons a franchisee will fail is because they choose an industry that they have no interest in.
Popularity Doesn't Always Equal Profitability
Another big mistake people make when deciding what kind of franchise to buy is choosing a franchise based on popularity. Just because you see a Quiznos franchise in every town doesn't mean a Quiznos franchise is right for you. If you have decided to buy a food franchise, do not choose one over the other because one is more popular or one is airing more TV commercials. Always remember: popularity does not always equal profitability.
In the past, when you were looking for a job, I am sure you had certain salary requirements. Think about buying a franchise the same way and always ask yourself, "How much money will I make?" Don't get caught up with popular trends or popular concepts, and always keep in mind your main objective, which is to make money with your new franchise investment.
Once You Have Made the Final Decision
Once you have decided exactly what franchise fits you best, your job has just begun. You will need to meet with the franchisor, ask lots of questions and do your homework. Do not let any salesman rush you or pressure you. Always remember: you are in the driver's seat and can walk away at any time.
