Clearly it is very important to choose carefully. Here are some points to consider when researching:
What do you want out of a franchise business?
Different franchise brands provide very different opportunities . Evaluate the core reasons why you are looking to invest in a franchise. Then research carefully and match options. Consider the level of commitment needed , family impact , level of income you need , whether you looking to multi- site or own a single unit etc. Each brand opportunity will present different pros and cons. Make sure you understand them upfront.
What level of investment can you make?
This will have a major influence on the options available to you. You can research online and then narrow your options fairly quickly . We recommend that you talk to a specialist finance broker to undetsand your funding position early in the process.
How much risk are you prepared to take?
Are you wanting a brand which is well known and established or perhaps something newer which may offer higher returns and more location options. Are you wanting new or existing franchised locations which have some track history?
Can you commit to being a full time owner operator?
Most franchisors today will require the franchisee to be a full time owner operator as a condition of granting a franchise. There are very sound reasons for this but put simply, full time owner operators generally achieve better operational and financial results.
Consider what skills you have
Whilst franchisors will provide upfront training, you will still need to bring certain skills sets to the table. Communications skills, strong work ethic, people management skills, good personality, willingness to learn and implement agreed actions, are some to name a few. You should consider these when choosing the type of business suitable for you. There will be differences in these requirements from brand to brand so ask about these upfront.