We’re often asked, “how to choose the best franchise for me“. It’s a simple process once you have some advice. We have a great strategy we always recommend to assist you!
Working hard isn’t enough
I used to use the Wayne Rooney analogy. However, since he’s now left the premiership maybe I should call this the Harry Kane analogy. If I was offered a few million a month to be a centre forward for Tottenham I’d work my socks off. Furthermore, I could guarantee no-one would work harder than me. But would I still be a success? No. Furthermore, I’d let Tottenham down too. So, remember that if you think you’ll get there purely down to effort you might be disappointed. In considering how to choose the best franchise for me or you then you need to match your own situation to the brand.
Start with your skillset
You’re looking at a sales role but you’ve always been the shrinking violet keeping quiet in the corner. Nobody ever called you the life and soul of the party. You’re not the chatty confident type. Is a sales role a good match for your skills? Put another way you’ve spent your life in financial analysis and project management. Would a franchise that uses those strengths be a good fit? Of course, it would – you get the idea.
What’s your budget
Assume you are looking at an Oakley’s franchise and the location you’ve found has a £120,000 total capital requirement. You have no property equity and only £20,000 free cash saved up. Without meaning to be too harsh you won’t get there my friend. The banks won’t support you with that amount of personal skin in the game. They’ll be happier around 50% from you, 50% from them. Maybe they’ll do more but you need a more affordable franchise. Your £20,000 could get you into Delivita and you’d never look back, but not Oakleys. So change your focus to look at those that fit your budget.
What income do you need or want?
Nothing beats a good budget. My Dad always taught me that cash is king and to be careful with money. That’s the advice I pass on to my children too. They’re probably tired of me telling them to keep their budget up to date. However, detailing your monthly costs and overheads is essential. So, do your maths and work out what income you need to cover your outgoings. Can that franchise you’re looking at deliver it? Are the existing franchises achieving the figures you need? For example, if you need £50,000 don’t waste time looking at a franchise system where the franchisees are earning £20,000.
What hours can you do?
If you have various other commitments that prevent you from working full time then I have bad news for you. Part-time effort yields part-time returns. This is as true outside of franchising as it is within. So, if your current favourite franchise requires full-time hours and you can’t do that then drop your interest in it. You won’t find that in a book titled “how to choose the best franchise for me” either.
What else to consider on how to choose the best franchise for me
Geography. Never my best subject at school but I scraped an O level none the less. However in franchise land geography matters. If the franchise you need is a fixed location, and the nearest location available is 30 miles away think very carefully about proceeding. Over the years I’ve witnessed the optimism fade over a long commute. You can’t beat being near to where you’re working. Similarly, if the franchise you’re looking at requires a large geographical coverage beside you’re happy with the distances involved.
Always do your due diligence with a potential franchise. Start with a free consultation with a Lime executive by calling 01274 662001 or filling in this form. It’s free. There are no catches, we’ll help you by steering you to the brands we recommend and know and help you to look at any others.