HOW TO CHOOSE A FRANCHISE: THE FRANCHISE SELECTION PROCESS

Choosing the right franchise is a big decision. Better Life Maids wants to provide you with some proven and sound tips on how to choose a franchise. You will not just be investing your money, but your time, and energy into an endeavor that you hope will pay dividends for years to come. Picking a company to franchise with should be like choosing a business partner. In a sense that is the relationship you are building, you will be bringing the time, energy and capital, and your business partner needs to bring something unique to the relationship as well. In the case of franchising that is usually an established brand and identity, proven systems, and a strong support system. In this article we will cover some tips on how to choose a franchise that will meet your unique needs, and cover some of the things the franchisor will be looking for in you.

DECISION TIMEFRAME: HOW TO CHOOSE A FRANCHISE

Choosing a franchise should not be a snap decision and as such you should commit several months to the process of choosing a franchise system. In fact the average franchise sale from first contact to a signed agreement is nearing 100 days according to Process Peak a franchise industry technology, sales, and support company. Take your time, the franchise companies you work with will likely have a defined process and timeline for determining if you will be a good candidate for their franchise, you should also plan on taking your time to work through the decision making process. One thing that franchisors like to do is to set a “decision day”. This day is meant to be the peak of your exploration process of that system. Hopefully at that point you will be ready to sign, but if not you both mutually agree that the franchise will not be a good fit, and active recruitment ceases. Use something similar in your exploration process, if a franchise system has not won you over by this self determined decision day, than move on to other business opportunities to explore in more detail.

GET TO KNOW THE FRANCHISE TEAM: HOW TO CHOOSE A FRANCHISE

You will likely be working very closely with these people for years to come, make sure you like, trust, and can see yourself in a business relationship with the franchise team of your potential franchise company. If it is a new franchise company, you will likely be working closely with the founders, if it is a long established franchise system you will likely be working with a franchise support team. Each of these relationships is unique and you should fully explore how comfortable you are with the new personalities you will be dealing with.

HAVE A PLAN: HOW TO CHOOSE A FRANCHISE

You need to have an idea of what you want to get out of the franchise relationship you are looking to forge. Do you want to work hands on in your new business, or is it more of a hands off investment? Do you know how much income you need to replace with your new business? What is your time frame to get to reach that income level? What is your exit strategy? This is just a starting point, you should really evaluate your needs, wants, desires for your new franchise business, and determine if the franchise opportunities you are seeking are going to be a good fit for you. It might seem like a lot to think about, and even overkill to be positioning your exit strategy, but being thoughtful in this process can save you a great deal of trouble if you eliminate franchise systems that won’t meet your needs before you spend your hard earned franchise investment dollars.

We hope this quick primer on how to choose a franchise will get you started on the journey of a lifetime that a successful business can take you. To find our more about Better Life Maids and our franchise opportunities click on the picture of our franchise brochure to receive a free download of our current franchise brochure.