Finding your “Perfect-Fit” Looking for a franchise? With so many options to choose from, how do you find the perfect fit? It’s a process—and you have to take each part seriously. Here are seven steps to consider when going through your search.
by Faizun Kamal 1. Work with a franchise consultant. Would you buy a house without using a Realtor? Would you make a bold career move without the help of an executive recruiter? Expert advice helps when you’re buying a franchise, too. Find a reputable franchise consulting company and choose a franchise consultant with whom you’re comfortable. This expert will help you hone in on specific goals, strengths, weaknesses, and clue you into opportunities that you might not have known exist. Even better: The service is free to you— the franchisor pays the consulting fee when the client is awarded a franchise.
2. Know yourself—well. Take an honest inventory of who you are. What are your skills and strengths? What are your weaknesses and blind spots? What comes naturally to you? What feels like pulling teeth? These are all good indicators of skills you do (and don’t) bring to the table. Different franchises require different strengths, and you need to understand how your skill set aligns with a specific franchise model.
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3. Identify franchise models. There are more than 3,000 franchises in the United States alone. Some are home-based; others are brickand-mortar businesses. Some require hands-on management, while others absentee ownership. Using the personal assessment and customized business model built by your franchise consultant, you can start to narrow down options and see which companies might be a fit and which companies to cross off the list. 52
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