Business Broker Services

We are Ontario Registrants and Brokers with a geographic focus. At ProClient Brokers, our business brokerage team is dedicated to helping business people selling or acquiring businesses. Owing a business with success is having a well thought out exit strategy. ...read more

Real Estate Services

We are small but efficient brokerage located in Milton, ON. We provide residential and commercial real estate buying and selling services with innovative solutions to our clients. ProClient Brokers service Toronto and Area. Contact us for all your property needs

Dec
03

Ways to Select the Franchise Best for You

By

7 Ways to Select the Franchise

Franchising is extremely popular. Many people are looking into franchising opportunities because it offers one of the safest ways to start a business. If you want to attain financial freedom and be your own boss, you need to select the franchise that works best for you. Here are 7 ways to select the franchise that is best for you.

1. Evaluate Self

Do you really want to own a franchise? What type of businesses are you passionate about? What type of work hours do you want? How much do you want to invest? What type of results do you want to see? Where do you want to locate the business? What are your contingency plans in case it does not work out? Once you can sort out priorities like these, you start to whittle down the many options available and craft the path that is best for you.

2. Evaluate Industry

Look at a master list of franchises and review them. Do not waste your time on individual companies just yet. You should just focus on industry niches and categories. Borrow a leaf from the questions that you would ask yourself and ask questions about the franchise opportunities that interest you. If the answers do not hit home or make you uncomfortable, cross them off.

3. Recession-Proof

When you are considering franchise opportunities, you need to ask yourself this valid question. “Will this business continue to do well despite the state of the economy?”. Businesses like salons, fast food joints, caring for senior citizens, clothing stores and home improvement will always be around. The same cannot be said for upscale retail and expensive businesses. You should consider recession-proof businesses only if you want to stay for the long haul.

4. Request Information

After assessing the companies that fit your goals and aspirations, find out information about them and read up. You can find information from brochures, websites or videos. Pay a visit to their offices and see what you can glean from development staff. Use the information that you gather for a further assessment of these franchises and if they are worth pursuing.

5. FDD

After establishing contacts and submitting your questionnaire. The franchisor provides an FTC mandatory disclosure document also known as a Franchisor Disclosure Document. The FDD document contains detailed information about the franchised company including the names of current franchisees, a contractual agreement, history of the executives and other vital information. Review this information carefully before taking the next step.

6. Talk Franchisees

You need to talk to existing franchisees before you eventually take that plunge. Find out about how their businesses are faring and experiences. Ask them what they think about the company. This puts you in good stead over how well franchisors provide assistance for their franchisees. It gives you realistic expectations of how much is required to start-up and how effective the marketing apparatus can be amongst other things.

7. Pay a Visit to the Franchisor

A visit to the franchisor is the last piece of the puzzle. This is a good time to have your remaining questions answered and to meet the people that will make your business tick face to face. You need to be comfortable with the company that you want to align with. So when you pay them a visit, keep your eyes peeled over those little things that could tell you something extra.

Alam Qureshi is Franchise Finder and Broker of Record with ProClient Brokers Inc., Brokerage. He helps entrepreneurs find matching franchise business suitable in their situation by providing free information about the concept. For more info. check FranchiseFinders.ca

Comments are closed.

Subscribe to ProClient Official Blog

Get the latest updates delivered via email

Categories

Archives