How To Decide Which Is The Best Franchise Opportunity For You

weighing apples and orangesWhich is the best franchise opportunity for you? You know the pros and cons of franchise sites in general. Now it's time to think about which features of any franchise will matter most to you.

The answers to four main questions give you the framework you need to make a wise choice. A free decision making tool sorts even the most complicated factors.

Are you and the franchise opportunity a good match?

A franchise is a partnership. Any partnership works best if the partners are a good match. The best franchise opportunity for you will be one in which your skills, passion, and philosophy match what the franchise has to offer.

Owning any business requires a time commitment. If you do something you love and are good at, you will find the work fulfilling and rewarding. You will be interested and energized by your work. Retirement is not the time to be doing a job you are not suited for or you don't like. Your best franchise opportunity will make you feel good.

When you talk to the franchise company's representative, ask questions that get at the underlying philosophy of the company. Watch for clues in the promotional literature. If you are passionate about the environment, you will not be comfortable dealing with a company that wastes resources. If you long for the outdoors, your tolerance for paperwork may be too low for some companies that put an emphasis on book-work.

Pay careful attention to how well your questions are answered. If a salesperson doesn't take the time to answer you fully, there's a good chance that follow-up support, vital to business success, will be substandard.

Do you see the potential for a good return on your investment?

Never mind how flashy the brochures are or how fast the salesperson talks. The bottom line is how much money you will make.

You don't want to throw money away. Your banker can help you to evaluate the financial side of things. Bankers tend to be conservative. When you are facing retirement, that's exactly what you want. This is not the time in your life to make costly mistakes. The best franchise opportunity will make you enough money.

Is the company well-known?

The more recognizable the company is, the more likely it is to be successful. A related factor is how long the company has been in business. A track record of happy, successful franchisees is a good indicator that you might also become a happy and successful franchisee.

Being established is not necessarily a deal breaker. Someone has to be the first to buy into a company. If you feel a strong attraction to a new franchise, pay close attention to your financial advisers. The best franchise opportunity will pass the inspection of an experienced banker.

What is the company's track record?

Franchise companies have to provide a disclosure document. In the US, it's usually called the Franchise Offering Circular. No matter where you are, insist that you get the following information:
  • Background information on the business leaders,
  • Litigation history,
  • Bankruptcy information,
  • Full costs, including continuing fees,
  • Restrictions on your decision-making,
  • Termination policy,
  • List of current and former franchisees,
  • Company financial history, and
  • Earning potential.

It's time to choose

The number of factors to consider when deciding which is the best franchise opportunity probably feels overwhelming, especially if you are choosing between several options.

You'll be happy to know that a brilliantly simple tool makes choices like the one you are facing much easier. In fact, you can use ChooseIt! to decide between a franchise and another business model or to find the best franchise opportunity for your retirement.

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