The search for a franchise opportunity can be more daunting than you think, especially when you’re about to sign the agreement and wonder if you are making a wise investment decision. Regardless of what stage you are at in the franchising process, the “search” for your perfect business begins in your heart, not on paper
I once asked a client couple the two most common questions most small business advisors like myself ask during the interview stage: what type of franchise they were looking for and what was their investment range?
For Love or Money?
The answers were the most unique I had ever heard – and the most disturbing to say the least: “the one that’s going to make us the most amount of money and costs us as little as possible.”
Sure, who doesn’t want to own a business that is going to cost you next to nothing and make you at least a six-figure income in your first year?
But the reality is that this will rarely happen. You cannot “shop” for a franchise opportunity this way because you will be walking down the path of least resistance – and we’ve all heard the story of what happened to the unfortunate souls who attempted that one! So I told the same couple that I did have a franchise in mind: low cost and salary potential was in the $70K range within 18 months but they’d have to bake donuts for about 12 hours a day in the first year. They looked at each other and then said: “You’re kidding, right?”
I wasn’t. Obviously, not the type of business they had in mind. These people were looking at “dollars and cents” before “passion and sense” which is what every franchise business seeker must target from the very beginning. Therefore, don’t ask yourself: “Can I grow to like this type of business” because the answer will always be NO.
Start with a Hobby, Interest, or Passion
You must find a franchise model that compliments a hobby, an interest or passion without a question of a doubt. If you have to mull it over, strike it from the list. It may take some time to discover the “perfect marriage” between you and your business opportunity but it does exist and with some patience and research (or with the help of a small business advisor) you will make that “love meets money” connection.
And when you do, you may just capitalize on the back-end perks that come with franchise ownership: a stable, growing business that you not only love to operate but pays back your initial investment – and some – in a realistic time frame. But, if you’re looking to make fast money with little or no money down, you may have better luck waiting for that secret inheritance from a long-lost uncle your mother never told you about.
When you’re ready, visit the A-Z Franchise Reviews section to start exploring your possibilities and see if any of the franchises posted here peak your interest. If not, check back often as new franchise opportunities are being added frequently.
A Final Word of Advice:
Bob Dylan never owned a franchise but his wisdom may just be the secret to franchise ownership and success: “if you love what you do, you’ll never have to work another day in your life.”
