How to choose from among the best franchises for you
With the vast range of choices available, how do you select from among the best franchises? The first step is getting to know yourself. Evaluate your skills, strengths and weaknesses. Get to know your own risk profile.
Do you enjoy a structured, secure corporate environment? Or do you crave higher-risk, higher-reward opportunities that come with running your own business? The best franchises require people who are eager to take on new challenges and overcome whatever obstacles are needed to achieve their financial goals.
But attitude and work ethic are only part of the equation. Operators of the best franchises should be unafraid to dabble in a number of areas: finance, marketing, promotion and, of course, human resources. Effective franchisees are also skilled networkers.
Do you fit the profile of an effective franchisee? If so, we would love to help you here at Your Franchise Success.
What is your risk profile?
How comfortable are you with business risk? This simple question could determine which type of franchise you pursue. If you prefer low risk, you may want to consider a more mature business opportunity. The top pick in this category is fast food, which is considered an established franchise model with many successful examples.
But there are other opportunities that could prove similarly appealing in other sectors of the economy. These include home maintenance and repair services, professional business-to-business services, and window-covering services, among others. Whatever your skill set, experience and preference, you can find the best franchise for yourself in almost any industry.
As for high-risk opportunities? These are typically found in businesses that include innovative products and services that have not been proven yet. People who like to be on the cutting edge might discover these new opportunities to be among the best businesses for them.
Identify your strengths.
If you’re thinking about getting into a franchise business, take time to evaluate yourself. You might have excellent skills as a marketer, but need support in managing people. Be honest about your strengths and weaknesses, and your ability to handle risk.
An excellent and quick way to evaluate your own franchising profile is to take the Business Builder Profile, a five-minute self evaluation that can point you toward the best franchise business for you. This online tool examines your business style from a franchising perspective.
By answering a few questions about yourself, including what you like to do and your approach to people, risk, working and belonging to a community, you can discover where your skills would be best used.
The answers might surprise you. On the one hand, you might realize running a small business is not really what you want to do. On the other hand, you might discover you have a profile well-suited to running a franchise. Once you discover the business that fits you best, you can then begin searching for support in certain areas, whether they be financial management, marketing or human resources.
You might be surprised how many people want you to succeed. Visit with your family and friends about skills they see in you. What will you do extremely well on your own, and for which skills might you hire? Part of selecting from among the top franchises is having a vision for the steps that will allow you to achieve your definition of success.