Franchisees are a unique group of people. They have the heart and daring of an entrepreneur and envision charting their own course in the business world. At the same time, they are cautious. They understand that every startup comes with risk no matter how great the product or service may be. At their core, franchisees simply want to live differently. They know there is more to life than clocking in day after day, and they want to experience it. Can you relate to them? Perhaps you are considering having your own franchise, but you are unsure about how to get started or what to believe. Here at International Franchise Business Consultant Corp. (“IFBC”), we like to separate fact from fiction so that our clients can make the wisest decisions for themselves, everytime. We have directly matched hundreds of individuals with elite franchises in the USA and around the world.
Below, we will give some valuable suggestions to keep in mind as you explore your options. As it has been said, knowledge is power. Read on!
- Take a few steps back and assess yourself thoroughly
At IFBC, we meet a lot of people who become successful franchise owners. While everyone is different, we have seen one common denominator: they are all self-driven. They enjoy the challenge of building a successful business, even one that comes with established brand recognition, and they dive into it with full enthusiasm.
So, we recommend that you evaluate your own strengths and weaknesses first. Do you have the self-discipline to get out of bed earlier or turn off Netflix to work on your business? Are you good at managing your time? A “no” is not an automatic barrier to your own success in franchising. The point, instead, is to spot any potential weaknesses ahead of time so that you can address them and smooth your path as an entrepreneur.
- Take a good look at your finances and factor them into your choice of a franchise
One of the exciting things about choosing a franchise is that there is one for every budget. After all, even a smaller investment can be profitable if made wisely. Here at IFBC, we recommend that you look closely at your financial obligations, including any debt. Also, ask yourself how much money you can realistically afford to pay for franchise fees and startup costs. Lastly, analyze any projected revenue forecasts, especially when you can expect to see your ROI. While there may be excellent profits on the horizon, can you easily support yourself in the meantime? Knowing those answers will help you to choose the right franchise.
And, remember to check out our Free Financial Calculator, which will let you know how much franchise you can afford.
- Take advantage of no-cost tools
The Internet is full of free resources that can give you a better foundation for your franchise decision. For starters, check out IFBC’s website, where you can read through answers to the most commonly asked questions about franchising.
From there, you can learn about your ideal franchises and receive a list of the Top 5 Available Franchises in your area, including valuable suggestions for business categories to explore. Also free is our business assessment, which takes just 5-10 minutes and matches your skills and talents with the right business. It also identifies your communication style, values, risk tolerance, and ideal cultural work environment. This information alone will make you more confident about your decision to jump into the franchising world.
- Leverage the knowledge of people who are franchise experts
What is exciting about the franchise industry is how much it has changed. For years, it had its share of middlemen and intermediaries, whose services were expensive. Now, however, you can benefit from professionals for free. At IFBC, we offer a cost-free pathway to franchise freedom. We are compensated directly by franchisors via referral fees. What does this mean for you? Our professional guidance, expertise, and extensive network are completely free for you – as it should be.
- Make sure the new franchise will provide plenty of training and support
It should go without saying that any franchise you buy will come with extensive training. You are, after all, investing in an established brand, one that has a successful business model. Remember, however, to ask as many questions as possible until you are satisfied you will have the support you will need. Consider walking away from any franchise that doesn’t meet your expectations for training.
- Choose a sector that excites you
Remember that you may have your franchise for decades to come. It’s important, then, to choose a sector that you are naturally interested in. Your options are nearly endless, as franchising is present in multiple sectors, such as automotive, food/beverage, health/medical, fitness, beauty/spa, printing/signs/mailing, child education, dry cleaning/laundry, auto insurance, tax and accounting/bookkeeping, staffing, senior care medical/non-medical, home improvement, maintenance/repair, painting, plumbing, heating and air conditioning, pest control, restoration, residential and commercial cleaning, pet care and grooming, real estate, vending, and travel planning. Take some time to consider your options so that you choose wisely.
The takeaway for potential franchise owners
Franchise ownership, without a doubt, is an exciting life decision, one that can lead to new adventures worldwide. With the number of franchise establishments continuing to grow both in the United States and internationally, it represents an exciting opportunity for new business owners. At IFBC, we are ready to answer your questions and equip you with accurate information so that you will become what you have always dreamed of: a successful entrepreneur.
About IFBC
Founded by CEO Harjeet Tiwana, IFBC is a trusted franchise negotiator whose proven process saves time, eliminates frustration, and streamlines the search for franchise opportunities. Its team of specialists sculpts a path that transforms each client’s franchising dreams into tangible successes, both in the United States and globally. The IFBC team assists people from E2 treaty countries to get a franchise, though they must consult with an immigration attorney to receive their legal visa paperwork advice. IFBC also operates an Ambassador Program, Franchise Consultant/Agent Program, and Senior Franchisee Consultant Program for those who would like to become franchise consultants. To kickstart your career as a franchise consultant, join IFBC and transform your passion into a profession. Please book an appointment with an IFBC franchise professional or visit https://lp.constantcontactpages.com/sl/74yyKTU.For more information about IFBC, visit its website.
0
0
