INVESTMENT
Steps to Getting Started in Finding the Right Franchise by Seth Lederman, Consultant, The Franchise Consulting Company
W
hen considering any new investment, you probably have a million questions, and getting started in franchising is no exception. Your mind will be racing: What's the best franchise industry? What's the best business model? What are the start-up costs? How do I finance the investment? How much money can this franchise make? Will I have to manage people or can I be an absentee owner? These are all fair and important questions, so you'll certainly want to follow a Step-by-step plan to exploring franchise ownership. The path to addressing all of these questions begins with the most fundamental question of all: How do I get started choosing the right franchise? The good news is that if you've done some initial research, there are some proven steps you can follow to ensure you make an informed decision.
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SET YOUR PRIORITIES IN ORDER TO NARROW YOUR FOCUS One of the first things you need to do as a prospective franchise buyer is to form a list of your top priorities. The list doesn't have
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to be complete or final, but it should capture your top must-haves that will guide your initial franchise search. Your priority list will cover things like: • The type of business you'd like to be in (preferences like "I'd prefer to work with consumers," or "I'd like to be in a business to business franchise.”) • Are you looking for a large, established industry, or brands? • How much can you afford to invest. • Is the franchise or Industry congruent with your value structure?
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EXPLORE YOUR OPTIONS AT A FRANCHISE SHOW Once you've assembled your initial list of priorities, it's time to start asking questions. Going through a detailed Q&A with several dozen franchises can be time consuming and impractical, you can't fly to every franchise's HQ to meet with their corporate staff, so you need a way to meet with as many franchise representatives as possible in a reasonable amount of time. Attending one or more franchise shows or expos is a great way to
