If you have started thinking about investing in a franchise opportunity, even a small amount of research shows that there are thousands of opportunities out there. With all the industries and opportunities, how do you choose the franchise opportunity that fits you?
In order to determine what franchise opportunity is right for you, first you need to determine what you want from owning a business. Second, take stock of all your skills to get an idea of what kind of business might interest you. Contrary to what you might think, there is more to consider than what industries interest you.
Before you start thinking about industries or brands, you need to decide what kind of life you want to live. If you are looking for a way to own your own business, you are probably interested in some kind of independence that you can’t get from working in a traditional corporate setting, but there is a lot more to it than that.
Here are some things to consider as you try to decide what you are looking for in your work:
An essential part of finding which franchise opportunity is right for you is finding and defining your skills. Make an honest list of your strengths and weaknesses, work-related and otherwise. Most franchisors are not looking for someone with a specific work background, but with a range of skills and personality traits that fit their brand.
Some questions to ask yourself about your skills include:
The good thing about taking inventory of your skills is that there are no right or wrong answers. When you have a list of your skills, you can more easily filter through franchise opportunities. You may think that the perfect franchise opportunity for you is with computers because you like technology, but choosing a franchise opportunity based on your skills has a much higher chance of success.
The short answer is not usually. Sure, there are some franchise brands that will only work with people who have already owned businesses before, or who have experience in the specific field that the franchise operates in, but this is often not the case.
One of the biggest benefits of investing in a franchise, as opposed to starting your own business, is the training and support that franchises can offer. Most franchise brands provide extensive training to their franchise owners to prepare them for owning and operating within their brand. In fact, be wary of any franchise that does not offer training and ongoing support, as you may not receive all the tools you need to operate a successful business.
Pillar To Post, for example, is a home inspection franchise that does not require any construction or renovation experience in our franchisees. We train them on everything they need to know about performing thorough home inspections, keeping the books updated, marketing to find clients, and so much more. This kind of training means that Pillar To Post franchisees do not need to have any experience owning a business in order to thrive as part of our brand.
Check out what Pillar To Post looks for in our franchisees, and see if your skills match up with our brand!