Buying That “Perfect” Franchise
Talk about a loaded question.
But seriously-what is the perfect franchise for you to buy?
And, what would be the perfect franchise to open in your town?
So many questions. So many franchise opportunities.
So, What Is The Perfect Franchise To Buy?
First off, how are you going to define “perfect?”
A franchise opportunity that allows you to earn six figures within 5 years
A franchise opportunity that doesn’t require you to be on-site 10 hours a day, but can make lots of money owning
A franchise opportunity that doesn’t require a large number of employees for you to make a decent living
A franchise opportunity that is low-investment and low-risk
What other characteristics would a franchise opportunity have to have for you to call it perfect?
What are your expectations for a franchise business? Are they too high?
From an article I wrote for SBA.gov:
“A lot of people who are interested in becoming franchise owners bring a lot of unrealistic expectations with them. Some of these expectations have to do with the business model of franchising itself-what they hope franchise ownership can do for them.”
One of most common expectations-and it’s a very unrealistic one, has to do with income…and how fast one can make money in a franchise business.
People: You are not going to make money for a while.
You’ll have a small business loan to payoff. You’ll have inventory costs and/or payroll costs that you’ll incur every month. There’s insurance. Utilities. Rent, unless you’re thinking of buying a home-based franchise.
Another expectation…and I’ve heard this one from several of my clients over the years is that they’ll get some type of “sign” that they’ve found the right franchise…the perfect franchise for them to open. It doesn’t happen much. But, as you’ll see in this story, things can line-up quite well-perfectly even, for some.
You should really read my entire franchise article about finding a perfect franchise over at SBA.gov. I think it will prove to be useful.
I hope you do end up finding a perfect franchise business to open someday.
But, first you have some work to do. You have to define the word perfect, so you can focus on franchise opportunities that could end up being…well…perfect.