Individuals looking to break free from the mold of corporate America are finding amazing business pursuits in franchising. The trope of the American Dream of owning a small business is becoming easier.
Since workers began diverging into franchising during the recession, owning the best franchise is still the safest way to become a business owner. With the training, support, and branding of proven business models, the next step is finding a franchise that fits you.
First, you need to define what you want. Use this information to structure your search for the best franchise.
Questions like how many hours do I want work? Do I want to be the face of the business or operate behind the scenes? Do I want to eventually expand and own multiple locations? What are my professional skills?
Imagine yourself with a new life and a passionate career. Where do you want to live? How much do you want to make? These questions will act as the scaffolding to building a new pursuit toward owning your own business.
Evaluate Your Finances
Many economists are pitching their market forecasts for 2017 and are stating that the U.S. economy will grow faster than most analysts expected. The marketplace has stabilized and is slowly growing back from the plummets of The Great Recession.
Owning a business that’s impervious to market crashes is important, but unless you’re sitting on a mountain of money you will need to identify the assets available to you.
The best franchises will provide you with guidance and the best methods to do this.
Pick a Recession-Resistant Segment
The pet franchise has grown 45% since the mark of the 2008 recession and in 2015 had a huge influx of startups hopping on the bandwagon to get a piece of the action.
The best franchise pick for investors is unanimously advised to be recession-resistant if not completely recession-proof. When many are looking to tighten up on their disposable income, they look to less costly things that bring them happiness—their pets. 56% of households report owning a pet, according to American Pet Products Association.
Other industries that are recession-proof are car repossession, cosmetics, and federal employment. Industries that are not contingent on the economy are best places to begin a search for the best franchise.
Identify The Best Franchise Companies That Suits You
Once you have narrowed down your choices of best franchises by the industry, find the ones that highlight your attributes. Does the franchise have territories near the area you live? Does their brand and company culture align with your own values?
Pick one that attracts and interests you. The best franchise will support you the whole way through. The franchisor should be reliable and transparent. In the pet franchise, technology systematization is vital. Pick a franchise that has proprietary software that makes business easier with comprehensive functions.
Most importantly, the best franchise should be a place where you can evolve your passions and dreams into a rewarding small business.
Begin Preliminary Due Diligence
Take the time to fully read through websites, pamphlets, or video material that a franchise provides. Do your research! Review the preliminary information and determine if this company meets your criteria and is worth your time and investment. The best franchise will be.
Speak with a current franchisee. One of the biggest red flags in franchise investment is working with a franchisor who refuses to schedule face-time between prospect franchisees and veteran shop owners.
Review the Franchise Disclosure Document (FDD)
After you’ve contacted a franchise, and submitted a qualifying questionnaire, you’re ready to begin reviewing a franchise’s FDD—a disclosure document mandated by the Federal Trade Commission.
This document often includes comprehensive information about the franchise. A history of the executives, disclosure of any past litigation, a listing of current franchisee names and numbers, and the franchise contract are all included.
Review all of this information carefully. The material in an FDD is sensitive and requires huge attention to detail on your behalf. A franchisor representing the best franchise should answer any and all questions you may have.
Visit an Existing Franchise and Corporate Headquarters
If the company you are interested in does not already schedule on-site visitations as part of their training program and does not invite you to their headquarters for training—this is a red flag.
Speaking and visiting with a veteran shop owner should be more than a formality, it should be part of the training. During your time at a franchise brick and mortar ask questions. How does the franchisee like the company? What is their daily workload like? What strategies have they used to find success?
Meeting the franchisor is equally important. This is the time to discuss any final questions and trepidation. You will be meeting the people you will be doing business with. The ones who will be helping you achieve success. You know you have found the best franchise when you are 100% comfortable with the decision you are about to make.
(Keep in mind that meeting a potential franchisor is a two-street of an investigation. Executives will need to be as confident in you, as you are in them).
Take the Leap and Own the Best Franchise!
If you have determined what you are looking for, configured your financing, completed your due diligence, reviewed the FDD, spoken with franchisees, visited the franchisor you should be completely self-assured before signing.
Of course, theses are just the fundamentals of the work ahead of you, but with the support of your franchise options, this process should manageable.
The best franchise could be waiting out there for you. Make sure you do your homework and are ready to begin the next exciting chapter of your life.
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