How do I know if buying a particular franchise is going to make me happy? I know I want to affiliate myself with a franchise that is profitable. I know the franchise I choose should offer a service or a product that people really want to buy. I know I need to buy a franchise business that will evolve with an ever-changing marketplace. I know that. But, if I buy that franchise, will I really be happy? Will I wake up every morning and be excited about going to work? What I do know is to sustain my enthusiasm and give me a greater chance at success in franchising, I must be happy with my choice.
What do I want out of a franchise?
Look for the franchise opportunity that lets you tap into your strengths and passions. Will you feel fulfilled when you’ve helped your customers improve their lives? Do you want to escape the regular 9-5 atmosphere and do something exciting and new? Do you want to fuel a passion that’s been on the back burner for years? All of these are possible results of starting a franchise business – but each prospective franchisee may have a different goal. Think about the real goal of your franchise opportunity search.
Once you’ve thought about the results you want from your franchise, you’ll be closer to knowing what to look for in a business model. For instance, if you want a turn-key style business that gives you the time and money to travel, then you shouldn’t open a franchise that takes a lot of hands-on management on your part. And if you want a franchise where you find fulfillment by spending hours with the same client over a long period of time, fast food isn’t going to be right for you. The better you can align your goals for your franchise with the business model of a franchise, the better that franchise will be for you.
Visualize your perfect workday
Shut your eyes and imagine what your perfect workday would be like. Do you want to spend lots of time doing certain types of tasks, like working with vendors and managing personnel? Or do you prefer to spend more time at home with your family? These are integral concerns when thinking about franchising because each business model comes with different obligations and responsibilities.
You may have a specific industry in mind, either because you have experience with it or because it has always appealed to you. However, many successful franchisees are not passionate about or experienced in the industry they choose; success in franchising is often about skillful management.
Get as clear a mental image of your perfect business as you can. Write it down, sketch it out, or talk it through.
Now that you’ve got some direction in your search, use our Franchise Bulls Eye tool to narrow the field. The Franchise Bull’s Eye lets you plug in your preferred industry, location, and level of capital investment. With one click, you’ll get a list of all the franchises that meet your criteria.
Once you’ve got a list of franchises to look at, read each description thoroughly and look for keys to what you can expect from the franchisor—think about how their focus aligns with yours, or doesn’t. If it seems like the franchise will provide the results you’d like to achieve, then do some more digging. If not, quickly move on.
This process will help you keep the number of franchises you need to research to a manageable number and help you avoid the “analysis paralysis” that can result from just having too many choices.