4 Truths About Searching for Franchise Concepts
The process is no time for snap judgments.
With dozens of industries and thousands of individual franchise concepts to choose from, it goes without saying that prospective franchisees should keep an open mind. The decision to go into business for yourself is a big deal, and careful consideration should be applied to every stage of the investigative process. When it comes to reviewing franchise concepts, what you decide to investigate further is an important consideration. And it always pays to keep an open mind.
What, exactly, does that entail? To get you started on the right track, here are four truths about keeping an open mind when looking at franchise ownership opportunities.
1. Get out of your comfort zone
When you decide to become your own boss, you'd better be sure of what type of business you'd like to own and operate. Many first-timers make the rookie mistake of zeroing in on franchise concepts that match up closely with their prior career path and experience. But what if you hated your job and the reason you chose to get into franchising was to try something different altogether?
Most, if not all, franchises don't require prior in-category experience. That's where their proven business models to follow come into play. To find the type of franchise enterprise in which you'll be successful, it's probably going to require you to get out of your comfort zone and look at the full variety of concepts available to you.
2. You don't have to love it
Find something you love to do, and you won't work a single day in your life, right? At least that's how the old saying goes. But when it comes to owning a franchise, you don't have to love a particular product or service to capitalize on it. As you search for the right franchise opportunity, keep in mind that a business is simply the means that gets you to the end result you desire. It's not about a love affair.
Any successful owner is engaged in the business of business. And if a concept matches up with your lifestyle and income-related goals, you should keep an open mind about possible ownership. If selling a particular product or service widget is your ticket to successful entrepreneurism, so be it.
3. Stick to the essentials
An overwhelming amount of franchise concepts are considered essential businesses, and that's not just a leftover term from the pandemic. While you might strive to find something that's cutting edge or employs the latest technological wizardry, some of the most stable and recession-resistant franchise opportunities are those of the everyday variety. These include business models having to do with home improvement, health and beauty maintenance, cleaning, education and childcare services. It all comes down to what you're looking for in a business, but essential concepts remain evergreen.
4. This is your chance to make something your own
Franchising offers a world of opportunities for you to choose from, and you should do everything in your power to keep an open mind about your ultimate decision because this is your chance to run something all your own. As an entrepreneur, you can put your stamp on anything — even a business you never thought you'd see yourself owning.
What it comes down to is finding a concept that aligns with all of your stated goals. If you don't like working nights and weekends, you can find a franchise without those operating hours. If you need a concept that plays to your networking strength in your own community, find a business your local market needs. A good deal of franchise concepts will require qualified staff — but your role is that of the business owner.
One last item of note: You don't have to do all of the searching on your own. Franchise consultants and brokers can be quite instrumental in helping you assess what you're good at. If you want to review your options in this department, visit the Supplier page of the International Franchise Association's website.