How to Find the Right Franchise Business

Sep 8, 2017

Numerous franchise opportunities are available to people with entrepreneurial spirits. Entrepreneur even compiled a list of the 500 most popular franchises. While 7-Eleven tops the list, there are a number of different franchises from a variety of industries from automotive care to pet businesses. Here are some ways to determine which franchising business is ideal for your skillset and what you hope to achieve.

Figure Out What You Do Not Want to Do

There are plenty of franchising opportunities, and it is easier to narrow down the list of possibilities by determining what does not sound interesting to you. If you are not interested in video games or technology, then opening a computer store is not up your alley.

However, you want to work past initial first impressions. A certain business may not sound enticing at first, but look into it a little bit. You may be surprised what your responsibilities would ultimately entail.

Ask Yourself Some Questions

Be honest with yourself as you ask the following questions. They help narrow down your franchise business list even more.

  • How Involved Do You Want to Be? Think about whether you want to hire people to be managers or if you would prefer handling the fine details of operating a business yourself.
  • How Much Do You Value Status? Consider if you would be comfortable running a fast food chain. You may not care, or you may want to get involved with a business you would be more comfortable mentioning to friends and acquaintances.
  • How Much Risk Do You Want to Take? Some businesses are high risk but have the potential to bring in great profits. You may be more comfortable playing it safe.
  • How Much Can You Invest? It is helpful to go to a bank first to see what kind of loans you qualify for. Knowing how much money you can get can greatly affect the type of franchises available to you.

Conduct Due Diligence

At this point, you should have a few franchises that make the cut. Now you want to do plenty of research into the specifics of operating each unique business. Get a Franchise Disclosure Document from each business and review paperwork carefully. You also want to look into the initial franchise fees as well as the rules and restrictions, which can include bookkeeping procedures, employee uniforms and required hours.

Another report from Entrepreneur states about 90 percent of franchises businesses attain success. Therefore, it is a great route for people looking to make a living and be their own boss. As long as you go in informed, you can turn any franchise into a profitable venture.


Is franchising with 7-Eleven right for you?

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