Franchises come in all shapes and sizes, and offer all kinds of business opportunities. You can choose from hundreds of service orientated franchise businesses, which cover just about every niche market you could think of, plus there are new ones presenting themselves every day.
Selecting the right one is critical to the overall success of the franchisee. Pick one which is struggling, or has grown too fast to sustain itself, and problems follow. On the other hand, choose one that is up and coming, that has proven methods and plans established, and you can easily become a success.
This step, far more than any others, is the sole responsibility of the potential franchisee to get right. Franchise consultants can help track down information on some of these topics, but the choice of which franchise to choose is ultimately the choice of the franchisee. No matter what franchise industry is under consideration though, they can be evaluated using the answers to these questions...
1) What is the vision of the company?
2) What is the age of the company?
3) For what time did it operate for as an independent business before offering itself as a franchise business?
4) How is the reputation of the brand perceived?
5) What types of franchises are they offering?
6) How many franchisees are there in the system?
7) Of the existing franchises, how many own more than one unit?
8) How many franchisees have left the system?
9) What is the cost of the franchise and what does it include?
10) Is there a royalty fee? If so, how much is it?
11) How many years is the franchise arrangement for?
12) Who is in charge of the franchise business? What are their qualifications?
13) What level of training is on offer? Is on going support provided?
14) Which regions are they operating in? Does it provide protected territory?
15) Where are raw materials sourced? Can franchisees choose their own suppliers?
16) Is financial assistance offered by the franchisor?
17) Is real estate support provided by the franchisor?
18) How many employees are needed?
19) Is assistance offered in the recruitment of employees?
20) How proven is the marketing plan?
You will be able to find the answers to these questions from a range of sources. Firstly, browse through the website of the company in question, and perform Google searches to find out what other people have written about them. Then, talk with a professional franchise broker or consultant and contact a few people who are currently operating franchises of the company that you are evaluating. Finally, speak with a representative of the franchise company.
Remember that information given to you by anyone acting in a professional capacity (i.e. a franchise broker / consultant or a franchise company representative) should be 100 acurate, else that person is acting illegally. Get as much information as you can in writing, and get the person giving it to you to sign and date it; that way you are fully protecting yourself and should able to sue anyone should they give you false or misleading information which you later act on.
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