Want to get the inside scoop on finding the best franchise opportunities? If you are thinking about investing in a franchise business, our franchise experts have some secrets to share to help you in your search:
- Franchises have lower risk than other businesses. Statistics from the U.S. Small Business Administration and the U.S. Department of Commerce show that franchises offer lower rates of failure versus other new businesses.
- The best franchise opportunities offer turn-key operations and training to ensure quick start-up and ongoing success.
- Well-established companies that have been around for a while offer franchisees significant advantages. These include strong branding, financial stability, and experienced management.
- To attract customers, look for a growing demographic and in-demand products and services. Stay away from trendy businesses that may not be around in a few years.
- Consult the advice of lawyers, accountants, and bankers. Talk to the Federal Trade Commission and the Better Business Bureau to validate the franchise company and their claims.
- Avoid pressure tactics. Legitimate companies will encourage you to check them out and compare them to the competition.
- Interview current and prior franchisees to get the ‘inside’ story and find out how satisfied they are with the business.
- To be successful in a franchise business, it must be adequately funded. Some funding sources include tapping into your 401K or other savings, working with the SBA on low or no collateral financing, and using private funds.
An easy way to find out about different franchise opportunities is through a franchise exposition or hiring a franchise advisor. If you go to an exposition, be prepared. Set your boundaries ahead of time so that you are not drawn into something that doesn’t fit. Know what your interests and goals are as well as how much money you are willing to invest. Ask lots of questions and take notes. When working with a franchise advisor, the same applies.
Finally, tap into some of the many online resources, but be sure you are dealing with legitimate organizations. Look for those that are members of the International Franchise Association, which is the oldest organization that provides education about franchise opportunities.
The best franchise opportunities are no secret. Find the best franchise opportunity for you today!
Our franchise experts can help you find the best franchise opportunities. Contact us today to learn more about franchising.