Best franchise for you
This is where many people go and the reason for franchisees failing; picking the wrong franchise. No matter how good the brand e.g. McDonalds, Subway etc, if you are not right for the franchise then you will struggle to make it a success.
We are all different so it makes sense that no one franchise is right for us. Finding the best franchise for you will depends on what you are like as a person, what you are good at and more importantly what you like doing. You should ask yourself the following:
- What do I like doing? List all the things you like e.g. I like selling, managing people, retail, office work, working outdoors, travelling, multi-tasking etc.
- What are my strengths and weaknesses? List this information and then when you are evaluating franchises make sure that the work required of you is tasks that you are good at and do not focus on your weaknesses. If you are not good at selling, then you need to avoid franchises that require hard-selling. Or maybe you do not like managing people and so should avoid any that involve you having to recruit and manage staff.
- Which type of working environment do I want to work in? Do you like retail, talking to customers face-to-face? Or maybe you like doing office work? Or maybe you would prefer being on the road most of the time and want a job that is mobile based? Or maybe one that allows you to work from home.
- Which industries interest me? Industries cover the likes of food, hospitality, gardening, children, pets, recruitment, housing market etc. As you do not need experience in a particular industry to join most franchises –as you are trained in all aspects of the job – you are able to buy a franchise in an industry in which you have no previous experience.
- How much money do I have? There is no point looking at specific franchises in more detail if you cannot afford them. E.g. you may like the idea of buying a retail franchise but can you afford it? Retail and other premises-based franchises will tend to be more expensive than those which do not require premises e.g. home-based or mobile. Make sure you know how much money you have to invest as well as what your monthly expenditure is, as this will give you an idea of what you can afford to buy. Remember that banks like franchising and so willing to loan on most good franchises.
- Do I want to buy a new franchise or one that has been trading i.e. a franchise resale? As the Irish franchise market matures, more and more existing franchises are looking to sell their franchise. This happens for a number of reasons – looking to retire, relocating, they have picked the wrong franchise for them and now not enjoying the work, or maybe their exit plan is to sell the franchise at a certain time.
- Where do I want to open my franchise? You need to identify how much you are willing to travel each day i.e. do you want to work near where you live or are you willing to travel to work?
By answering these questions you will start to build a better picture of the type of franchise that would suit you.