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When you’re considering different franchise brands, the mere thought of choosing one can create stress and anxiety. This is a big decision, after all. How can you ensure that you pick the one that will serve your needs best, based on the information you get before making the decision? What if you choose the wrong one?
Here are some criteria to help you make the best franchise decision for you.
1. It Aligns with Your Interests and Experience
While, certainly, you can open a franchise in an industry you have no prior knowledge of, the most successful franchisees tend to go with a franchise in an they know. Realize that going too far outside of your expertise can create some hurdles as you ramp up on getting to know the industry.
At the very least, you should be interested in the area the franchise is in.
Maybe you went to school for accounting, but you always dreamed of working with children, and so you are considering a tutoring franchise. You’ll be doing this for the foreseeable future, so make sure it’s something you’ll actually enjoy.
2. The Franchisor is Eager to Help
Yes, the franchisor wants to sell franchises, but it also wants to bring the right people on board.
When interacting with the brand, you should get a sense that they are vetting you as much as you are vetting them, not just eager to take your money. They should be communicative and helpful, ready to answer your every question, no matter how mundane.
How a franchisor deals with you now may be an indicator of how available they will be after the franchise agreement is signed. You want a franchisor who will continue to be there to support you and help you succeed as a new franchisee.
3. The Numbers are Solid
Having read through the franchise disclosure document, you should have a sense of how this company has fared as a whole. How profitable is the average franchise? How rapid is the brand’s expansion? Overall, the picture painted should give you confidence that you’re buying into a rising star brand.
4. It’s In a Growing Field
Some industries have fast growth as trends take over, like the modern convenience store in the retail industry. Others may see slow but steady growth, such as senior care.
But whether the growth is fast or slow, you just need to see that growth is happening. Beyond studying the franchise brand, research the industry as a whole to learn what’s happening and what the future looks like.
5. Your Gut Tells You It’s Right
Remember: It’s not just what’s on paper that you should factor into your decision. You should also listen to your instinct. Do you feel good about this brand? Does becoming a franchisee with this company feel right? So many of us ignore those gut instincts, but they’re valid and worth listening to.
There’s no formula for deciding which franchise brand is right for you. But ask yourself: Does everything add up? Is this something I can see myself being affiliated with for years to come? You’ll find your answer.
Susan Guillory is the President of Egg Marketing & Communications, a marketing firm specializing in content writing and social media management. She’s written three business books, including How to Get More Customers With Press Releases, and frequently blogs about small business and marketing on sites including Forbes, AllBusiness, The Marketing Eggspert Blog, and Tweak Your Biz. Follow her on Twitter @eggmarketing.