So Many Choices
Picking the right franchise takes a lot of legwork. Luckily, we have 18 tools and techniques to make your due diligence doable.
Pick It Out
Think it through when choosing your franchise.
Franchising includes dozens of industries, and dozens of
companies offering franchises within those industries. How do you
choose between two or three seemingly identical franchises to find
the right fit for you?
"Understand it's not always about who's the largest
franchisor in that industry. The right choice has more to do with
the relationship match," says Terry Powell, CEO and founder of
The Entrepreneur's Source, a franchise matchmaking company in
Southbury, Connecticut.
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This match, says Powell, involves harmonizing your expectations
of training, support and goals not only with those of the top
people in the franchise organization, but also with the lower-level
people you'll interact with on a regular basis if you join the
system.
The people factor was an important consideration for Mark
Strayer, a Mission Viejo, California, Maid Brigade franchisee.
Strayer, 45, thoroughly investigated three residential cleaning
franchises before selecting Maid Brigade. "I went through
every single person in their organization. By meeting with the
different people I'd be working with, I was well-attuned to
what goes on behind the curtain," he says.
Strayer also spoke with existing franchisees in each different
system about their personal experiences, expectations and
successes. In the end, territory was the deal-breaker for Strayer,
who wanted to open a franchise in Southern California.
Even after conducting thorough research of all possible
franchises, feeling buyer's remorse about your final choice is
normal. Powell warns all new franchisees not to give in to doubt
too quickly after signing on with a franchise system. "Very
rarely does the business itself determine whether or not you'll
succeed," he says. "Give yourself at least a year to
build the right foundation."
--D.S.
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