Owning a Franchise is not a “one size fits all” type of scenario. When it comes to finding a profitable franchise opportunity, there are a few key things to keep in mind. Of course you want something that has high demand, recession resilience, and longevity, but the three most important considerations really should be your life, wife, and money.
Profitability isn’t all about money in, money out. Blending the right business with your personal attributes is what will prove your success. Think about your lifestyle and how a franchise make it even better. You want to avoid choosing a business that will suck the life out of you. Did you know you can continue working your job, raising your children, doing fun hobbies and activities, and still be involved with daily decisions without doing the work yourself? You should consider all these important elements while researching a franchise. Owning a business can and should be enjoyable, and yet you don’t want to ruin a passion. If that passion nurtures your soul, or your relationship with your spouse, we certainly don’t want to avoid making it a 24/7 obligation. Your spouse MUST be onboard with this process and decision.
The last thing you want is to invest in a business without your spouse agreeing to it and supporting you. Without spousal inclusion, either the business or the marriage is doomed. Don’t pass go, don’t collect $200. You wouldn’t start a family without discussing it, and I bet you wouldn’t buy a new home or car without collaboration. Investing in a franchise is going to occupy your headspace, time and money. You need your spouse to support you through the journey and final decision.
And money is the last important piece to the puzzle. Knowing how much you can invest will determine the quality and profitability of the options you consider. Although you don’t need a million bucks, a decent investment range is $75,000- $250,000. A reputable franchise consultant will give you the guidance and insights needed to ensure you invest in a franchise that is profitable, yes, but it also needs to suit your skillsets for managing sales and expenses. Franchise systems teach you all of this, and that makes your investment more rewarding.
Consultants often have portfolios of highly rated, sturdy franchises that you never knew existed. The knee jerk reaction is that franchising equals food, but that is FAR from the truth. As good consultant will illuminate the hot industries that are most in demand and will connect you to reputable concepts that have your best interests at heart. Franchises can’t do a sales job to “get you to buy.” This is a partnership, and they have the responsibility to deliver on what they promise.
Finally, a good consultant will coach you on what questions to ask, to help you move past your doubts and gain confidence. Best of all, franchise consultants are free of charge to you. They make commission when there is a successful outcome, not from billing you. Working with a franchise consultant drastically reduces the probability of investing in something you can’t or won’t be successful at.
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No PITCH SCOOP journalist was involved in the writing and production of this article.