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How to Choose the Best Franchise to Own in 2022

How do you know when it's the right time to take the leap into franchising? First, find the perfect fit for you.

A new year provides a fresh chance to evaluate goals and form long-range plans – including the opportunity to own your own franchise business.

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In the wake of disruptions caused by the pandemic, 2022 is full of promise for entrepreneurs who may be wondering, "Why should I own a franchise? And what is the most successful franchise to own?"

What are the best franchise opportunities?

A good place to start is to find an industry that is in high demand and growing, such as education or home services. Many people fixed up their homes or added a pool while they were at home during the pandemic, and now parents are clamoring for education enrichment services to help their children catch up and get ahead in school.

Kumon North America's Vice President of Center Network Development John Collins says he encourages prospective franchise owners not only to look for a great business opportunity but also to look for the right fit.

"We want to grow Kumon, of course, and we work very hard to open new Kumon Centers in specific markets where we know there are students who would thrive with Kumon," he says. "However, we also know that it's important to identify franchisees who have the necessary skills in math and reading and who truly desire to make a difference in the lives of children. Kumon has an owner-operator business model, and so we know that only someone who enjoys working directly with kids will be a successful Kumon franchise owner."

What should you look for in a franchise business?

Collins suggests that before you seriously consider buying a franchise, you do your homework:

  • Research the industries that interest you and find out which brands are ranked among the top franchises in each vertical. Kumon, for example, has been ranked No. 1 in the education category on Entrepreneur's Franchise 500 for 21 consecutive years.
  • Conduct market research on the area or areas in which you would like to start a business. Make sure the franchise brands you are considering have territories available in your area. That's especially important for an owner-operator business model, as you most likely would want to live near the business you are operating.
  • Inquire about the initial investment. Franchises are required to provide candidates with a disclosure document that includes accurate start-up costs, including franchise fees, buildout fees, royalty fees and other costs. Be sure to ask about incentives and expenses that will be reimbursed or paid for by the franchisor. Kumon, for example, prides itself on its affordability, with start-up costs beginning at $40,000 in Canada and $65,000 in the U.S. The franchise fee is only $2,000 and generous incentives cover the cost of essentials like an exterior sign, paint, carpet and more.
  • Finally, ask all your questions! One benefit of joining a franchise is the breadth of expertise available to help new franchise owners launch their businesses. Collins says his team is happy to answer questions from prospects. A franchise is an investment in your future, and you should make sure you understand all the ins and outs before you commit.

"A good franchisor wants you to be happy that you joined their franchise system," Collins says. "They truly do not mind when candidates ask about operations, training or support programs. They want you to know they stand ready to help you build a successful small business. So, don't hesitate to ask."

To explore the Kumon Franchise opportunity, visit kumonfranchise.com.

Kumon

Brand Spotlight Partner

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