How to narrow down thousands of franchises to find the one that's right for you
The following excerpt is taken from franchise expert Mark Siebert's The Franchisee Handbook. Buy it now.
Franchisors can be found in virtually every industry. Of course, there are franchised restaurants and franchised retail stores, but there are also franchised sales forces and franchised service businesses. There are even franchised medical services.
So how do you come up with your short list of a few franchises worth further investigation?
Related: The 4 Biggest Franchise Myths
Development of your "shortlist"Start by creating your franchise universe by making a longer list of all potential candidates. The logical place to start is the Internet.
Next comes the slash and burn phase of your research, where you develop your short list of possible franchises. Essentially, you want to use a successive series of increasingly fine filters to narrow your list of companies under consideration to a handful - two dozen at most.
So, let's start carving.
Related: Thinking of Owning a Franchise? Start now and take this quiz to find your personalized list of franchises that match your lifestyle, interests and budget.
Look beyond the chickenYour first waistline should include an honest discussion with yourself about exactly what you're buying. For many franchisees, that "what" isn't so much a thing as a feeling. If you ask an experienced franchise salesperson what sells franchises, they'll tell you it's emotional, especially for new business owners.
But when you buy a franchise, you're not buying the chicken, the fancy new vending machine, the bagel oven, or the virtual reality game. You are investing in a business system. You are investing in supporting the franchisor's management team.
Related: Why Developing a Franchise During "Interesting Times" Requires Recommitment to Your Brand
You are investing in the franchisor's track record and success. You invest in their marketing system. You are investing in the future of their market. And you invest in yourself.
If you sell the cold remedy, but you don't have a good trading system, you will fail. The best burger doesn't always win the race. The best deals do.
You want to love what you do, but loving what you do is not the same as loving the product. You need to focus on what you are buying (the business) and not what your customer is buying (the product or service).
Related: We analyzed mountains of data for thousands of franchises and found the best opportunities for you in 2023 in our 44th Annual Franchise 500 Rankings.
Complete your researchOnce you have determined that you want to invest in a business system and not a romantic idea of business ownership, you need to start researching potential franchises.
Your first (and hopefully the best) source of information on a commercial franchise...
The following excerpt is taken from franchise expert Mark Siebert's The Franchisee Handbook. Buy it now.
Franchisors can be found in virtually every industry. Of course, there are franchised restaurants and franchised retail stores, but there are also franchised sales forces and franchised service businesses. There are even franchised medical services.
So how do you come up with your short list of a few franchises worth further investigation?
Related: The 4 Biggest Franchise Myths
Development of your "shortlist"Start by creating your franchise universe by making a longer list of all potential candidates. The logical place to start is the Internet.
Next comes the slash and burn phase of your research, where you develop your short list of possible franchises. Essentially, you want to use a successive series of increasingly fine filters to narrow your list of companies under consideration to a handful - two dozen at most.
So, let's start carving.
Related: Thinking of Owning a Franchise? Start now and take this quiz to find your personalized list of franchises that match your lifestyle, interests and budget.
Look beyond the chickenYour first waistline should include an honest discussion with yourself about exactly what you're buying. For many franchisees, that "what" isn't so much a thing as a feeling. If you ask an experienced franchise salesperson what sells franchises, they'll tell you it's emotional, especially for new business owners.
But when you buy a franchise, you're not buying the chicken, the fancy new vending machine, the bagel oven, or the virtual reality game. You are investing in a business system. You are investing in supporting the franchisor's management team.
Related: Why Developing a Franchise During "Interesting Times" Requires Recommitment to Your Brand
You are investing in the franchisor's track record and success. You invest in their marketing system. You are investing in the future of their market. And you invest in yourself.
If you sell the cold remedy, but you don't have a good trading system, you will fail. The best burger doesn't always win the race. The best deals do.
You want to love what you do, but loving what you do is not the same as loving the product. You need to focus on what you are buying (the business) and not what your customer is buying (the product or service).
Related: We analyzed mountains of data for thousands of franchises and found the best opportunities for you in 2023 in our 44th Annual Franchise 500 Rankings.
Complete your researchOnce you have determined that you want to invest in a business system and not a romantic idea of business ownership, you need to start researching potential franchises.
Your first (and hopefully the best) source of information on a commercial franchise...
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