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Business Today - Choosing the Right Franchise for You
Business Today – Choosing the Right Franchise for You
So you’ve decided to start a business and that a franchise is the way for you to go. What should you do now? Well, there is a huge variety of franchises out there – so how do you pick the one that is right for you?
Start by thinking about an area where you have an interest. I’m sure that here in Canada we’ve all thought about starting a Tim Horton’s franchise, especially with the recent public offering for shares. We all see the dollar signs, but would that be right for all of us? Probably not. To be successful in any business, we have to have an interest in it and an understanding of what makes it work. In other words, if you have experience in construction or a degree in engineering, the food industry may not be the one for you. Pick a franchise where you have some knowledge of the industry.
So what next? If you are reading this article you likely use the Internet. In this technological world in which we now live, the Internet is the best place to find information on just about anything and franchise or business opportunities are definitely in this group. Start by searching in the search engines, for ‘franchise opportunities’ (without the quotes) and then narrow your search down by country and the type of franchise that you are looking for. You will be amazed at the number of possibilities that appear in the results.
Once you have narrowed your search results, visit the sites and take a look at what they are offering, including the up-front cost and any ongoing costs. Also consider the number of staff you will need and competitive locations where you are. Tim Horton’s franchises have exploded across Canada and in some cities there are many as one for every 5000 people. This ratio works for them since their market is huge. But if you are starting a deck building business you would probably want an exclusive or semi-exclusive arrangement.
You should also consider whether your business is seasonal and what you will be doing during the part of the year when you are not working. A seasonal business may suit you, or you may want to consider a year-round business opportunity.
Other considerations are the products to which you will have access and the marketing and advertising the franchise operator does for franchisees. For example, if they have a corporate web site, will you receive the leads for your area?
These are just a few of the things you should consider when looking for a franchise opportunity.
About the Author: Tom Jacques is the owner of Hickory Dickory Decks - a Deck building company. Hickory Dickory Decks also operates as a Construction Franchise in North America.