Qualifying for a Franchise

Want to Be a Franchisee When You Grow Up?

You’re probably here at America’s Best Franchises because you’re interested in owning a franchise business. We have a phenomenal selection of franchises to explore, including new franchises and inexpensive franchises. With just a few clicks, you can get information about a broad range of franchise business investments in your price range, in your favorite industry, and in your geographic location.

We also have plenty of great free advice. If you’re ready to buy, we can help you choose the right franchise for your needs quickly and efficiently.

But maybe you’re looking toward the future. Maybe you aren’t ready to own a franchise right now, but you know that you want to own your own business and you want the advantages of a franchise business: a proven system, support and training, and name recognition right out of the gate.

What should you be doing if franchising is in your future?

  • Learn about business. You can get great training on how to groom a dog or hire someone who knows how to refinish cabinets, but knowing how to run a business will give you an advantage with any franchise. Marketing, team building, managing people, and handling finances and paperwork are all skills you’ll need for most franchises.
  • Get comfortable with computers. Many franchisors provide software that helps you manage your franchise. The more at ease you are with your computer, the better that software will work for you.
  • Get comfortable with selling, too. Though many franchisors say that there is no selling involved in their system, they often mean that “the product sells itself” — in other words, they have confidence in their product. That doesn’t really mean that no selling takes place. You have to be able to present your product well and convey the product’s value if you expect people to give you money. If you don’t want people to give you money, then there really is no selling involved.
  • Get some money in the bank. The time between deciding to invest in a franchise business and having enough profit to live on may be longer than you expect. Most businesses also have some slow times. You need to be prepared to keep the doors open even if there isn’t much money coming in at first. That’s much easier if you have some funds socked away. Franchises also have net worth requirements, so you’ll have more options if you have more savings.
  • Try out some different things. Job-hopping can be a negative for employers, but you owe it to yourself to learn more about the industries that appeal to you in the franchise world. Think you want to own a restaurant? Pick up a shift at a local fast food place and see if you can take the heat. Interested in a tutoring franchise? Volunteer with your local Literacy League or elementary school.
  • Get to know yourself. Often, the key to franchise success is a good fit between you and the franchise. The more you know about what you like and dislike, what you can do well and what you can’t, the better you’ll be able to make that fit. Pay attention to what rubs you the wrong way at work and what makes you feel good. Better yet, make a list. Write down what strengthens you and what makes you feel weak. Self knowledge will help you make the right choice when it’s time.
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