In the United States, there are nearly 4,000 franchisors spanning more than 80 industries. There are so many choices, deciding which concept to buy into is sometimes overwhelming. You’re off to a good start seeing that you landed here at Get Me Franchise.
Rather than sifting through thousands of franchise websites or letting franchise brochures, emails
So, what’s the secret to zeroing in on the right franchise concept for you?.) The answer is getting to know yourself. This is similar to when you buy or build the house. Understand your needs and wants. How many bedrooms, bathrooms, living area. One story v/s two story. Brick, Stone or Stucco finish
To help identify those goals, we put together a few questions to ask yourself:
What are Your Interests and Strengths?
Your interests and skillset play a huge role in choosing a franchise opportunity. Don’t just look at brands you know, look for models that suit your strengths. Think about the positions you’ve held in the past. What were you praised for in those positions? Those skills likely transfer to multiple industries.
Although you’re a teacher, franchising a childcare business may not necessarily be your ideal everyday job.
Do I Want to Be an Absentee Owner, Semi-Absentee Owner or Owner-Operator?
An absentee owner uses a manager-run model where they hire someone to manage day-to-day operations. This allows an absentee owner to focus on top-level growth. Keep in mind; some business concepts may require hiring more than one manager. This option is excellent for those with the working capital necessary to support a managerial staff.
Semi-absentee ownership doesn’t require a full-time commitment. While semi-absentee owners may serve as a part-time manager, they usually need working capital to hire another manager or employees to provide the end service. This option is best for people who want to keep their job but want an additional income stream.
Owner-operators take a more hands-on approach to business and expect to be involved with day-to-day operations. Owner-operators often have to get their hands dirty, but it means they don’t need as much capital to grow their business.
How Much Money Do You Have to Invest?
Franchise opportunity investment levels can range from $10,000 to upwards of $1 million or more. Taking inventory of your capital and knowing your investment budget gives you a better sense of what opportunities are available to you. Although you may already have an idea of what industry you want to franchise in, you may not be aware of the capital required to support the concept.
Either way, it’s important to remember that even though franchising offers less risk because you’re using a proven-to-be-profitable business model, like most other businesses, don’t expect yours to be profitable the second you open your doors.
GET ME Franchise can help you prepare your requirements and help you collect the details in very structured way at NO COST to you. It is FREE and does not increase your cost of ownership. Yes that is true.