It’s the $64 million dollar question and there’s an easy answer that we always give. Firstly you need to know that the unpalatable truth is that every franchisor has had there fair share of success and failure within their network. You’ll do well to find the true extent of failures but of course success has many fathers and those stories are easy to find because the franchisor and the franchisee and all those connected with them are happy to tell the story.
But what about you? Which is the best franchise out there? Follow this “can’t go wrong guide” below:
1) Start out with a blank piece of paper, be honest with yourself and write down your skill set and also what you enjoy or what you would enjoy in very short sentences. Just remember that your skill set isn’t aspirational, it’s what you are genuinely good at! A few examples would be as follows: I’m Good at Selling, I like retailing, I’m good with kids, I’m a hard worker, I’m creative, I have a good network of contacts, I’d enjoy working from home, I’d enjoy earning £3k net per month etc etc.
2) Once you’ve got that do a 2nd list which is the opposite, and don’t hold back, write down what you are rubbish at and what you don’t like. “I cant work alone, I hate networking, I’m lazy, etc etc
3) Regardless of what you write down, can you follow the advice of your franchisor even if you don’t agree with what’s being said? You must be capable of replicating a system even if you don’t appreciate why the system has done well thus far.
4) Start searching for franchises, and compare this appraisal of yourself to the franchises that you find, because if your skills match, it’s what you’d enjoy and the income opportunity is consistent with what you want to earn then guess what? Thats probably the best franchise out there …. for you.
5) I am assuming that you will go to the trouble of visiting the franchisors and taking time to speak to existing franchisees, or in the event of a new franchise launch that you’ll meet with the current management team and whoever it is that is running the business that is about to be franchised. You wouldn’t miss that process out now would you?