📺 Stream EntrepreneurTV for Free 📺

To Find the Right Franchise, Test Drive More Than One Selecting a franchise is an enormous decision. Take a look at several, and consider your own skills and goals, before choosing.

By Rick Bisio

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

Nearly all of the franchise prospects I work with as a franchise coach come to me with slight variations of the same fundamental question, "can you help me find the right franchise?"

The short answer is "yes," but in reality, a prospect will only find a quality fit if they know their size and try on several franchises. This is just the beginning of the research and education process that it takes to become a successful franchisee.

Think about it. Regardless of whether you're considering joining a country club, corporation or networking group, how can you know if it's a perfect match for you unless you spend time weighing options and trying them all on for size? With an investment as big as owning a franchise, you want to be sure that you find the perfect fit.

Related: Franchise Players: Don't Rush to Find the Right Franchise

So, instead of just saying "yes" when prospects ask me if I can help them find the right franchise, I say, "maybe." A lot of information needs to be gathered before a coach can provide honest, balanced guidance. When seeking a franchise opportunity that may be a fit, I ask each person I speak with to answer the following questions to see where they stand:

  • Why do you want to become a business owner and/or franchisee?

  • What are your skills? How would they apply to your new business?

  • What are your lifestyle requirements? How important is time with family?

  • What is your target market? Type of location? Likes/Dislikes?

  • Are you financially ready? Investment? Cash Flow requirements?

It's imperative for each prospective franchisee to dig deep and determine what's truly important to them. This is something we talk about all the time on the Franchise Focus podcast. For example, buying a Subway because "everyone knows the brand' or because "everyone has to eat' is an exceptionally poor way to make this type of decision. It'd be like investing in a new pair of shoes without checking the size just because it's a brand you recognize.

Related: There's Lots of Free Help for Choosing and Funding the Right Franchise Opportunity

A franchise has to fit your objectives, skills, lifestyle and financial objectives with a positive track record of success. Just like the shoes, you can only be confident the franchise is worth investing in when you are sure it fits!

Investing in a franchise is one of the most important decisions you'll ever make, so be sure that you are well educated on the subject before doing so. Once you've taken the time to do your homework on yourself, take a few franchise concepts (three is best) out for a test drive and see what you think. Believe me; you'll know when it's a fit.

Related: 10 Steps to Buying the Right Franchise

Rick Bisio

Author and Franchise Coach

Rick Bisio is the Amazon-bestselling author of The Educated Franchisee, a leading franchise coach with FranChoice, the co-host of Rick Bisio's Franchise Focus, and the creator of the FDD Exchange and the Franchise Glossary. Since becoming a franchise coach in 2002, Bisio has assisted thousands of aspiring entrepreneurs nationwide explore the dream of business ownership. Prior to joining FranChoice, he was the director of international development at AFC Enterprises, the parent company of Popeye's Chicken, Church's Chicken, Seattle's Best Coffee and Cinnabon, establishing locations in more than 30 countries.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business News

A National U.S. News Outlet Is Hiring a Full-Time 'Lauren Sánchez Reporter'

The Daily Beast's new chief content officer, Joanna Coles, revealed the senior reporter opening on Instagram.

Starting a Business

He Had a Side Hustle Driving for Uber When a Passenger Gave Him $100,000 — Now His Company Is On Track to Solve a Billion-Dollar Problem

Joshua Britton is the founder and CEO of Debut, a biotechnology company that's doing things differently.

Business News

James Clear Explains Why the 'Two Minute Rule' Is the Key to Long-Term Habit Building

The hardest step is usually the first one, he says. So make it short.

Health & Wellness

You Won't Be a Successful Entrepreneur Until You Adopt These 3 Habits

Being an entrepreneur is a marathon, not a sprint!

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

Express Files for Chapter 11 Bankruptcy Protection, Plans to Close Over 100 Stores

The company will begin shuttering stores on Tuesday, April 23.