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Finding the right franchise for you can feel like a daunting process. You don’t want to invest in the wrong franchise and be unhappy. That part is clear. What’s less clear is how to uncover which franchise is right for you to start.
There are many factors to consider when opening a franchise. As you start to peel back the layers and perform your search for the right franchise to start for you and your family, here are some critical questions to think through.
What Are Your Personal Goals?
When franchisees start looking for your first or next franchise, they tend to look at the customer first. But often, the search tends to become much more narrow as you, the future franchisee, weigh your personal goals as a guiding light to finding the right business to open in your area.
Your personal goals will help hone in on the type of business you want to start, how you want your work life to be as a franchisee, and where you want to grow the business. Having this introspective look will help you better understand where to filter your search radius and how to determine how happy you’ll be with the franchise you choose to start.
Is There a Specific Industry You Want to Work In?
There are franchise options in nearly every industry. From child and fitness-related businesses to retail and quick service restaurants (QSR), many options are available. Look through the various franchise industries and notice which ones draw your eye more. Often that first gut reaction to an industry is telling and can help you narrow your search for the right franchise for you.
When looking at the industries, it’s also a good idea to think through about your own experience. While you don’t need to have experience working in a specific industry to do well with a franchise in that space, you might be able to better understand how happy you would be working in that space day in and day out. If there’s an industry that has continuously drawn you through your work in other roles over the years, it’s a clear sign that it might be a good fit for you.
What Role Do You Want to Play in Your Business?
One of the benefits of starting a franchise is that it allows you to have flexibility in your work life. While there are responsibilities, there are also opportunities to take time off, work on certain days and not others, and shape your work life how you see fit.
Take your personal scheduling needs into consideration. Likewise, think about what balance looks like for you. Do you want to be in the trenches doing the work, or do you prefer to manage a team to do the work for you? Do you have the capital to invest in labor from the outset, or will you be the one doing the work until you grow to the point of hiring? Looking at your role will also help you understand which franchise works best for you.
What Are Your Strengths and Weaknesses?
Are you a natural-born leader? Or do you have a knack for numbers? Looking at what you’re good at and what you’re not so good at can help you better understand the right franchise for you to open and the role you’ll play in that franchise.
Be honest with yourself about your strengths and your weaknesses. There’s no shame in admitting that you prefer to avoid certain tasks. The more you can tune into your strengths and weaknesses now, the better your chance of finding a franchise you’ll love moving forward.
How Much Are You Able to Invest?
Starting a franchise requires an investment. The amount of that investment varies from industry to industry. Knowing that startup budget upfront can also help you to narrow your search.
Look closely at the investment as you decide on your budget. Each franchise is slightly different in what the franchisee gets with their initial investment. Look carefully at the systems and support you’ll get instant access when you start. These assets and access to the corporate office play a big role in your experience as a new franchise owner. The more you can tune into what’s available and align that to what you know you want and need to get started, the better.
Kimberly Crossland is the founder of Roadpreneur and Cruisin' + Campfires, two companies designed to keep families together and living in freedom through travel and entrepreneurship. The goal of both businesses is to inspire meaningful change through the power of a strategic, thoughtful approach to life and business. In her free time, you can find her looking for a new adventure together with her two boys.