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So You Want to Be a Franchisee: 4 Considerations Before Picking a Path
Consider the Product
While examining franchise options, you firstly want to consider what it is that each company offers. The product or service should be something that you are familiar with, appreciative of and willing to base your life around. Someone who is a vegetarian, for example, would be much better suited to run a smoothie franchise than a burger joint. Assess what industries interest you and what products you would be willing and proud to stamp your name on.
Consider the Industry
Once you’ve narrowed down your options by interest, it’s important to assess the local market for your remaining options. If you’ve determined that investing in a pet grooming franchise would be most interesting to you, you’ll want to do a little research on: the success of pet grooming businesses in your country overall; the success of and demand for pet grooming business in your area; and the existence and success of competition in your area. Be sure to find a balance here—a market that is saturated with competition may be too risky to enter, but a market with zero competition may indicate a lack of need for that particular business type.
Consider the Job Description
With innumerable options for business ownership come innumerable options for hours and responsibilities. Make a list of goals for your franchising career that considers what you want your everyday to look like, and align that list with a list of franchising options that match. Determining where you want your career to go can help you narrow down the options to the ones that will take you there.
Consider the Business Model
In addition to your personal career goals, you want to consider your business goals and choose a franchise that lines up with them. Your choice may vary according to your personal ROI goals and adherence to the franchise’s business plan. If a franchise offers you a flimsy, half-completed business plan, you can count on having very little support from the corporate office and, as a result, very little success.