What is the best franchise for you?
If you've made up your mind and are determined to own a franchise, the time has come to answer the most important question thus far: what is the best franchise for you?
Choosing the best franchise depends on you and your personality, but recognize that franchising is not for everyone. Personal attitude is integral to the success of any franchisee; the best franchise is run by a team player who embraces the fact that he or she is working under the strict eye of a corporation. If you consider yourself a creative individual and would prefer to tailor a business to your own needs, franchising is not for you. And though franchises are typically marketed towards those who strive to be entrepreneurs, it's often these individuals who have the toughest experience.
When you are deciding on the best franchise for you, consider whether or not you have any small business experience. Small business owners often make the best franchisees. In fact, Dave Thomas of Wendy's, and SUBWAY co-owners Fred DeLuca and Peter Buck, were all small business owners before they entered the world of franchising.
If your head is whirling with thoughts of pizza places, lawn care companies and fruit smoothies, how are you ever going to pick an industry? Begin by doing your research. You love ice cream and you want to make a living off it; but is there a demand for ice cream? You need to verify that you'll have customers. If you have no particular industry in mind, what is the market clamoring for?
When picking the best franchise for your financial situation, evaluate how much money you have and how much you are willing to invest. Franchises vary widely. For example, a Curves fitness for women center requires a total investment of $36,400 to $42,900, while an Embassy Suites hotel franchise costs $17 million to $23 million!
If you find yourself cringing at those numbers, or just don't think you're cut out for a traditional franchise, there are other options. E-commerce franchises are gaining popularity along with home-based franchises where you work from your house or a van.
If you prefer to have a traditional franchise, you might be able to find one that is for sale. Research any such decision carefully and find out exactly why the original franchisee is selling. A situation where the franchisee is retiring to Florida is very different from one where the market has dried up.