Tips for Narrowing Down Your Franchise Industry
Before making the move to open your franchise business, you first have to sign on with your brand of choice. This starts with looking at available industries, zoning options, and of course, finding a brand you can see a future with for the long haul. In a sense, it's very much like courting your future brand. Everything from getting to know one another, to seeing how both sides feel about the future, to making a commitment, all of this must be felt out and pushed forward in your own time. Doing so can allow you to find a great fit as a franchisee, and to work with a brand that "gets" you (and vice versa).
Failing to feel out he waters can leave both sides unhappy and in a situation where skills or business ideals simply don't match. Avoid this from the get-go by putting in some time and research that will ensure you're both a good fit.
Assess Your Business Skills as a Franchisee
First things first, determine what you're good at and where your current skills can best be utilized. What did you do in years past? What have you learned at previous jobs you've worked? What's your current career and how did it teach you to be a better manager? A better employee? A better business owner? Weigh these skills you've accumulated and apply them to different industries. You should also look at abilities you have that come naturally. Everyone has areas where they're more skills than others. Determine what you do best just because it's a given talent. Again, apply this against franchising industries so that you can find a type of business that will best suit your skills.
Take a look at our catalog of franchises and cross-reference what each industry will need from you and what you'll be able to provide. Create a running list of what overlaps. At the same time, you can keep track of where your skills are lacking, what needs improved upon, and on whom you can rely to help fill in the gaps for your upcoming franchise location.
What are Your Personal Interests as a Business Owner?
Next, you should take a look at what interests you and what keeps you going in your off time. What do you enjoy? When given a free day, how do you choose to spend it? By pairing your hobbies with your franchising career you can create an overlap of what you love to do. This keeps work from feeling like work, and it creates longevity with the business, if only in so that you won't feel as burnt out about owning your own franchise. After all, it's your passion and your dream job all combined into one!
Again, take a look at available franchising options and see where your interests sit. In a perfect world, your skill set will overlap with an industry that's available (and ready to zone in your industry of choice) and within one of your passions.
However, this isn't always the case. If your area isn't available or there simply isn't anything that you want to do professionally (for some folks work is their hobby!), don't fret. There are many successful franchisees who have made a living out of making smart choices. That sometimes means working with an industry that will thrive in your town and that will create longevity as a business.
How to Move Forward as a Franchisee
Let the research process begin! Continue looking at skills and available options – spend some time mulling over each option and determine how you feel about a career category. Does it feel like a good fit? Is it a franchise business that will make you happy? Look at all of these factors and then settle with the results.
Of course, now it's time to make an informed decision. Doing so with plenty of information at hand can provide you with the peace of mind that you're making a smart and lasting decision. And it can ensure that you've made a franchising choice that's not only right for your skills and personality, but that can remain profitable in years to come.
By Bethaney Wallace | Sep 13, 2019 | General Franchise Information