Whether you have dreamed for years of owning your own franchise or have gotten the urge recently, do you know what direction you should go in?
Owning a franchise can pay off in great financial and career rewards, but it can also be daunting at times.
The prospect of long hours, up-and-down financial rollercoasters, and employee turnover can be too much for some franchise owners.
So, how do you find the right franchise for 2015 and beyond? When do you know that the franchise you’re interested in has the odds of being a winner over time? Lastly, what is your Plan B in the event the franchise you go with in essence turns out to be a bust?
Have a Strategy for Success
While some business people opt to search for the right franchise on their own, others will go with a franchise selection provider to help make the search easier.
Whether you go with a provider such as Franchise Expo or one of the others one out there, keep a few things in mind so you position yourself to get the best franchise available:
- Provider background – How long has the franchise provider you’re looking to work with been in business? Do they have any business “issues” that should warrant a red flag? This can be checked out by reviewing them through the Better Business Bureau (BBB);
- Customer service – Does the proposed franchise provider come with a good customer service record? Given the finances involved with acquiring a franchise, you want to make sure the process is as smooth as possible. Is your prospective franchise provider known for offering good customer service or will you be forever chasing them down when you have questions? Some of the ways to get a feel for this include word-of-mouth and checking their social media profiles. If you find any negative news regarding customer service outreach, think twice about using them.
Where Would Your Money Best Be Spent?
There is no fool-proof exact science when it comes to selecting the best franchise.
You could spend hours and hours researching and still come up with a franchise that ultimately falls flat for you.
Finding the best franchise involves a number of factors, many of which are not always under your control.
With that said, here are some of the franchises that financial experts say would be good investments in 2015 (in no particular order):
- Subway – This chain has seen some really good years, especially when it comes to potential revenue for franchise owners. With a solid marketing campaign (TV, Internet etc.) there are very few people running around this country and others for that matter (Subway has some 40,000 eateries around the world) who have not heard of this healthier eating alternative to greasy hamburgers and fries;
- Pak Mail – With many consumers having moved away from the U.S. Post Office over the last decade or so when it comes to meeting their shipping and receiving needs, franchises such as this one have capitalized. Franchise owners can offer consumers a wide array of options, among which include mailbox services, copy/print and fax services, packing and moving services, and office supplies just to name a few;
- 7-Eleven – If there is not one of these stores in your neighborhood, you might be living out in the middle of nowhere. A notable franchise for decades in the U.S., this chain is a great opportunity to ring up sales. Many of these stores (not all) are open all hours of the day, meaning you can sell products at 3 a.m. just as you can at 3 p.m. While prices in convenience stores are typically a notch or two higher than what consumers pay in their local grocery store, that will not deter countless shoppers from buying from you;
- Dunkin’ Donuts – Primarily located on the East Coast, though more of these are popping up out the further west across the country you go and in airports nationwide, this franchise is all but a gold mine for many owners. The chain, which reportedly has more than 11,000 shops in some 33 countries, has worked on adding more products to its list of offerings than just donuts over the years, giving competitors (primarily Starbucks) a run for their money.
When it is time for you to choose the right franchise; do your research, consider a franchise provider to give you the information you need, and roll up your sleeves for what could be a lifetime of success.
About the Author: Dave Thomas writes for a variety of websites on topics such as marketing and finance.