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What’s The Best Franchise to Buy Today?

I often get asked, “what’s the best franchise to buy today?” My answer is always the same.  It depends.

It’s a frustrating answer to hear but it’s, without a doubt, the best answer available.  As a good friend and associate of mine always says, “buying a franchise is easy…buying the right one is not.”  

Just because a brand makes for a successful franchise doesn’t necessarily mean that it is a good franchise for everyone.

A franchise is a proven system for doing business that should provide for a higher rate of success compared to starting a stand-alone, independent business from scratch. Although a franchise does provide processes and procedures, it doesn’t run itself. The owner of the franchise must execute the system in order for it to provide a return on investment.

Thus, no matter how good the business seems or how much you like the product/service as a consumer, the franchise model still needs to be a match with your skill sets, goals and finances.

This is where a lot of people make a mistake when entering the franchise industry. It is really easy to get caught up in the excitement of snazzy marketing and expedited growth rates. So how do you know if a franchise is the right match for you? Here are a few things to consider:

  • Are you going to run the business full-time or are you looking to have a manager run “semi-passive” business that would allow you to keep your full-time job?

  • Do you have the necessary skill set to run that business and give you the best chance for success?

  • Are you comfortable with the hours required to run the business successfully? Many people coming from corporate America love the idea of a food or retail franchise until they understand the amount of hours needed to successfully run the business.

  • How many employees and what type of skill sets are your comfortable managing?  If you are an engineer or accountant and accustomed to having a small staff of white collar professional employees, how comfortable will you be running a business that requires a large number of unskilled or high school/college aged employees?

  • How are you going to obtain customers?  Do you need marketing to bring in the customers or are you comfortable with sales and business development?  A lot of people like the idea of a business-to-business franchise. However, the most important skill set to have with a B2B business is sales.

  • Do you want a mature franchise with that has a brand name or do you like the idea of getting in early with a younger brand?

Finding a good franchise is just one part of the process; the other is to make sure it’s a good fit for you. Don’t buy a franchise unless you do an honest assessment of yourself and determine that you have the tools necessary to make that business successful.