There is no lack of opportunity when it comes to franchises. While this is seemingly a good thing, it also comes with a downside. The problem with that is a potential owner having to choose the right franchise to pursue and invest in. This can be difficult with so many different options and so many variables. For example, you don’t only have to consider the product or service of the franchise but also the total cost of investment and involvement from headquarters.
You can’t always just simply compare franchises with a pro/con list. In fact, you could drive yourself crazy trying to set them all apart, compare all their aspects and decide between them all. But here are three great ways to look at each opportunity and decide between them all on the best one for you, your career and your success. These might take some time and effort but they are all worth it when it comes to making the right decision.
For each franchise that you are considering, find out and write down their unique selling proposition
If the franchise doesn’t have something that sets it apart from the competition, you could be in for a real challenge. On the other hand, a company with a defined and develop unique selling proposition can be easier to market and run as a franchisee. A unique selling proposition also highlights exactly what makes this franchise better than all of its competitors. When looking at all the different propositions you will be able to tell which one means the most to you, which one you can stand behind and which one makes the most sense.
The next step is to do some further research into each franchise opportunity you are considering. Spend a significant amount of time on the website, look at their products and services. Familiarize yourself with more than just the unique selling proposition. If they have information about franchising, make sure to read that along with any testimonials from current or past franchisees. You can also use Google to find reviews about the company as well as if they have had any legal or business problems in the past. Keep a running list of the important information you find out about each franchise.
Through both of these processes, you should be able to narrow down your list a little bit
When you have three or four potential franchises in mind, the third way to compare them is to visit each of them. You need to see how a franchise
functions before you can invest in the company. Reach out to franchise owners in your area to see if you can spend a day with them. Face time with a current franchisee will provide you insight into the good and bad parts of the business as well as provide you with advice for potentially becoming a part of their company.
These three comparison tactics can help you make the right choice when it comes to buying a franchise. Investing your time and money into a company isn’t a quick decision and should be carefully reviewed. Comparing different companies will allow you to see the good and bad in them all before making one, final decision.