7 Tips for Finding Your Best Franchise Fit
Once you've decided to make the trek into franchising, chances are there are several decisions you already have under your belt. For instance, the choice to run your own business, to become your own boss, and to work with a competitive brand in order to work your way to creating a successful location. These are some seriously important steps, and it also means you're well on your way.
However, there are also a few more decisions that must be considered, too. Including who you're looking to franchise with – in terms of a type of brand, the actual company, as well as your corporate friends who will be helping you along the way.
When looking into finding your perfect franchising company, consider these important listed tips for a way to narrow down your choices as efficiently as possible. (At for your best chance at the most compatible business fit.)
1. Determine What Types of Jobs Do You Enjoy
Ask yourself what types of previous jobs you performed. What training or certifications do you hold? Do you excel at certain types of responsibilities? Or do you simply prefer various chores over others? Make a list – even if it's a mental list – of your best working skills. Taking these into account and keeping a clear picture of what you like to do (as well as what you don't) can help narrow down viable franchising options.
2. Identify Your Professional Challenges
Perhaps you've heard of the recent phenomenon where folks identify a "failure resume." Catching on in popularity, it takes place when an individual not only admits their worst professional events on paper, but writes about them in detail. Even if you don't want to go to this extent, it's a good idea to keep your setbacks in mind so that you can always be looking for a new way to overcome these lessons learned.
3. Find a Market Need
What types of markets are available in your area? Do holes exist? Are certain types of businesses overly saturated? Next, ask if you want to find a way to help others? Have you found something that's necessary, yet doesn't exist locally? Determine what types of businesses you believe would do well where you live, then pick and choose which types of jobs you would enjoy most.
4. Get to Know the Brand
Even if you're still eyeing several brands all at once, take a deeper look into what they have to offer. Find out what they're all about, how they work with franchisees, etc. Getting these basic facts down can help you gain a solid understanding of what it will be like to work for the company as a whole.
5. Ask the Hard Questions
Brands aren't about having their feelings hurt. They're not going to whine or be upset when you get down into the nitty gritty with them, in fact, they will appreciate your extra effort. Don't be afraid to get personal and to dive into the deep stuff. It's questions you need answers to, and actually asking them will show you're not messing around. So get out there and start asking already!
6. Identify What You See as Success
Excelling can mean different things to different people. While some are out to own multiple locations and to draw in profits, others would rather bask in a job that they love, or the ability to train others or help customers. No matter what type of outcome means the most to you, make mental note and then take the right steps in order to make that form of inspiration a reality.
7. Determine Your Work/Personal Life Balance
More is going to be expected of you up front, and that's normal. You will simply have to spend more time in prep work and ensure that everything is up and running like it should be. But for the long-term, you don't want to be required to work through important life events. Find a position that will put you with a desired size of working hours rather than taking more than you can handle. Because it's not just a move that will affect you now, but for years to come.
In order to find your best fit with a franchising brand and style, there are a few important questions you must ask yourself and your potential brand. Use these proven determining factors above for an easier way at finding your best potential franchising company.