We hear this from franchise candidates often, “How do I pick the right franchise model for me?” Well, there is no easy answer and that is simply because it depends on your business goals, work ethic, and in some cases previous experience.
Deciding between a variety of franchise models is often compared to a dating process. There are a variety of offers and attractive opportunities, but the most important factor it really comes down to is… what areas of business are you really good at and where do you need to be supported?
Owning a business means you need to know all aspects of your business, but you don’t necessarily need to be an expert in each area as well. For example, if most of your career has been in operations and management you are definitely an expert in training, hiring, and the day-to-day streamlining of your office. However, how are your skills in accounting, marketing, and business development? Vice versa, for those who are superstar sellers, when was the last time you researched product innovation and simplified systems & processes for efficient operations?
This is the start of your journey toward finding the right franchise system. All franchise models are made for a certain set of skills, career backgrounds, and levels of support needed by their network. It is important to remember that when interviewing franchise systems you take a close look at their core values, mission, and vision to ensure they are aligned with who you are.
Next, determine what great skills you have that you think will help you be successful in business. Also, take a look at the areas you need support and assistance with. How much support would you require? If marketing and sales are not your strong areas how does your franchisor support this aspect of your business? Is there a dynamic marketing team who carries your back end? Is there additional training in place that is structured for your industry?
Be sure to review yourself and your requirements first before reviewing franchise systems. You will find out additional features and information that can heighten your preference for a system but before any contracts are signed it is important to stay true to the bare necessities of what you will need to thrive.