So you’ve finally made the life-altering decision to purchase a franchise. Good for you. But before you purchase the first franchise that appeals to you, step back, take a breath and ask yourself a few questions. By examining your interests, career goals and the franchise market first, you’ll be more likely to make an informed decision that’s right for you.
Before you scour the Internet for franchising opportunities, make a list of your priorities. Think about what you hope to get out of managing a franchise, and let that guide your search. If you’d prefer to work directly with people, and the construction or real estate fields interest you, consider a career with A Buyer’s Choice Home Inspections. Also, try to determine if you’d rather work for a large-scale company or within a smaller, yet faster-growing industry. And most importantly, determine which industries you feel the most enthusiastic about.
Once you’ve narrowed down your search to just a handful of industries, it’s time to start asking questions. But visiting dozens of franchises can be a time-consuming task. Instead, consider visiting a franchise expo or show. Most feature dozens of franchises and draw thousands of aspiring entrepreneurs. Learn about the companies you are interested in, take their brochures home and determine which ones meet your standards.
At this point, you’ll want to start researching individual franchises. A company’s website is a reflection of its legitimacy. For instance, the A Buyer’s Choice Home Inspections site is professionally designed and updated constantly, demonstrating that the company takes its craft seriously. You should be wary of companies that do not maintain their sites and immediately disregard ones that don’t have one at all.
Start considering factors like start-up costs, estimated earnings potential and training and support offered by the company. Gravitate toward companies like A Buyer’s Choice Home Inspections, which offers a comprehensive onsite training boot camp and months of ongoing mentoring. Also, examine the franchise’s year-over-year revenue growth. Did it lose money last year, or make more money than the year before? Company growth should be an integral part of any purchasing decision.
So now you’re down to just a few potential franchises. Great, but before you go further, contact as many current and former franchisees as possible. Ask them questions about the training program, expansion and how the franchise treats it operators. Let them know that you’re serious about the company they’re a part of, and that you’d appreciate it if they answered a few of your most pressing questions. Most, especially those from A Buyer’s Choice and other prospering franchises, will be more than happy to give you a few minutes of their time.
You’ve chosen an industry, but can’t choose between one of two franchises. In that case, take the plunge and visit a franchisees operation. After all, the only way to truly determine if a company is a right fit is to see it in action. A Buyer’s Choice Home Inspections is happy to speak with potential franchisees about its home inspection services and business model, and is a quintessential example of a franchise worth considering.
Do all this before investing in a franchise and you’ll be well on your way to making an educated decision.