If you have decided to buy a franchise business but are not sure which franchise to invest in, how do you choose? Given the financial and personal investment needed to make a franchise successful, finding the right franchise is a big decision that can impact your personal and financial life.
In general, you want to consider factors such as the industry that you are interested in, the initial and ongoing costs of the business, the skills needed versus the skills you bring, and the company’s policies including opportunities for growth.
You can start your search by determining your budget. Initial franchise fees can vary a lot by industry and company. Understand that there are also ongoing costs, fees and royalties, and that you may have to forego income for a few years while you develop the business. If you set your budget in advance, then you can rule out those companies that charge more than what you can afford. It is wise to have a financial professional help you determine the all the costs involved and then how much of your own money to invest versus borrowing.
Once you have determined what you can afford, there are many ways to find franchises for sale. You can begin this research on the internet, using any of the many franchise portals available today such as Franchise.org, Franchising.com or, Entrepreneur.com, just to name a few. These sites allow you to filter by various factors such as industry, location or cost. You might also want to check with the Better Business Bureau or the Federal Trade Commission to be sure you are searching for valid companies.
Once you have a few franchises that you are interested in and fit your desired industry and budget, you can begin contacting those companies. Visit the corporate or regional headquarters and meet people in person. This way you can ask questions, review all the policies and requirements and determine if personally you feel the company is a good fit for you and your family. You also want to meet current franchisees and see how the business operates day-to-day.
Choosing the right franchise business will help your dreams come true!
If you want to learn more about choosing a franchise, contact us today and you can meet our supportive team who can help you learn more about franchising.
About Pigtails & Crewcuts
Founded in 2004 in Atlanta, Georgia, Pigtails & Crewcuts is a children’s hair salon franchise dedicated to making haircuts fun and stress-free for children and their parents. With nearly 50 locations across the nation, Pigtails & Crewcuts specializes in quality haircuts for boys and girls of all ages, and also hosts children’s parties. In 2010, Parents.com named Pigtails & Crewcuts one of the Top 10 Chains for Kids’ Birthday Parties. In addition, Pigtails & Crewcuts has been named to the “Franchise 500” list as a top franchise by Entrepreneur Magazine for five consecutive years. To learn more, go to pigtailsandcrewcutsfranchise.com
Michelle Holliman, Vice President of Franchise Development, 877.752.6800, MHolliman@pigtailsandcrewcuts.com