With over 5000 franchise opportunities available in the United States, the question is not really IS there a good fit for you, but rather HOW do you find the one that is the BEST fit? And typically, it’s difficult for people to know where to start their investigation…or how much businesses cost, or how much they can expect to earn. So the typical place they start is by getting on the internet, or looking at the published lists of “top” franchises, or buying books on franchising. Or, they contact a franchise that they think The trouble is…none of these are tremendously helpful to actually find a franchise that you can be successful at and that will get you to your goals (whatever they may be for you personally).
Why?
The internet is a wonderful research tool, so if you’re looking for a franchise, it seems like it ought to be a great place to start your research, right? But what happens when people look on the Internet? They start clicking around on different franchise opportunities through the multitude of search engines, trying to get some information. But unfortunately, the information available on the web rarely provides them with some of the key elements that they really need to know to even remotely determine whether the franchise could be a good fit for them. What skill set should a successful owner in that business have? How well developed is the franchise system or how supportive is the franchisor? How much do they need to invest? How much can they earn in that business? Is there territory available where they live?
Another problem with looking on the internet is that people frequently only click on the opportunities that they think are “interesting” or that they are familiar with. They confuse their role as the business owner with the product or service offered. They look at the “sexy” opportunities and overlook some of the more basic products or services that they might actually enjoy more if they knew what their role in that business was going to be.
For example: Cold Stone Creamery gets over 2000 unsolicited inquires on franchise opportunities a week! People think it’s a great business…and fun too, right!? But what if you looked a little deeper and discovered that: the ice cream business is very seasonal, a fairly large number of employees with high turnover of those employees, significant competition, long hours and that it has extremely low margins (high overhead, low returns). Still sound like a good idea?
On the other hand, what if I described an opportunity where there is virtually no inventory, reasonable hours, weak and fragmented competition, few employees, it provides a service that people can’t perform for themselves and (most interesting of all), very high margins. Sound more interesting? What if I told you it was dry cleaning? You might have skipped right by that one on the internet!
This is not to say that dry cleaning is a great opportunity for everyone, but I hope it illustrates the point of how good opportunities can be overlooked while time is wasted looking at opportunities that may not be a good fit for you at all. And, worst of all, while you are wasting time looking at those opportunities that are not good fits, you may get discouraged thinking that there is nothing that is worth your giving up your current career for. And so end the dreams of thousands of people who give up because
So by the time someone has spent an hour or two (or more) on the Internet, all they’ve done is assure that they are on a couple dozen mailing lists (and that they will be receiving information from those franchises for months) and gotten discouraged by looking at
Next week, we’ll look at some of the other challenges of
using the “top-rated” lists or
reading books on franchising or
contacting specific franchises you think may be “hot.”
AND…I’ll suggest a better way of find the business that could be your path to freedom, flexibility, income, equity, and control of your own destiny.
Adrienne Leigh is the president of FranNet of Houston, a franchise consulting firm that provides free coaching to clients who are exploring franchise opportunities. She has over 20 years of experience in franchising and entrepreneurial start-ups. Each week, she will provide comprehensive information on the $1.5 trillion franchise industry.
FranNet - The Franchise Connection provides FREE SERVICES for those looking to purchase their own franchised business. Ethical, experienced consultants give guidance, information and support while coaching clients to achieve their goals safely and affordably.
Meet real franchise experts and ask them questions, live!
FranNet - The Franchise Connection will be offering a series of free webinars, each featuring a specific franchise opportunity, with valuable insight from an experienced FranNet expert.
Upcoming Dates
What You Need to Know About Franchising BEFORE You Invest… and followed by presentations from 2 franchisors
Wednesday, January 10th- 7:00 PM Central
The Franchisor will be from the Home Health Industry
Thursday, January 25th – 1:30 PM Central
The Franchisor will be from the Children’s Education Industry
Call Adrienne Leigh at 281-213-3337 or
email aleigh@frannet.com
