4 Factors To Think About When Buying A Franchise

4 Factors To Think About When Buying A Franchise

For whatever type of industry that exists, there's literally a franchise out there for that industry. Don't believe me? If you do a search on Google about 'strange franchises', you'll find some franchises named Texas Lice Squad, 1-800-Puke-Off, Doody Calls, Bully Busters, The Eraser Store, Offline Dating Franchises, Mr. Snowman and so on. Yes, these are REAL franchises.

So now that you know there's a franchise out there for things you never thought possible (I know I didn't), it's important to take a step back and look at the whole process of buying a franchise from a 50,000 foot level. In this article, I'm going to identify 4 factors to consider when buying a franchise.

1. Understand what you want - First and foremost, you have to know what your goals are. If your main objective is to be free on nights and weekends so you can spend time with your family, don't buy a franchise in the restaurant industry because the nights and weekends are the 'go' times. If you desire to be able to run your franchise from anywhere in the world (like Bora Bora), don't buy a franchise where you physically have to be present to run your business.

2. Be smart about your decision - It's not a bad decision to find a franchise in an industry that you're passionate about, which is what I highly recommend. If you're anything like me, you're probably more productive when you're happier with what you're doing. There's just something that's magical about being 'happy' with your work. Bottom line is to find a few franchises that align with your goals and values and make you happy.

3. Analyze the industry you're considering - Now if the industry you're considering is stagnant or mature, walk away and move onto another industry. You're looking for an industry that's in a position of growth and stability. Take a look at the fastest growing companies today like Facebook, Apple and Google. At the time of this writing, Facebook has just been valued at 65 Billion (with a B) and the company just turned seven years old. Google has been around a little over a decade yet we would all be lost if we didn't have Google in our lives.

4. Analyze the top franchises in an industry - Identify the top 10 franchises in the industry you're considering and find out if they are expanding or if they are stagnant. Go ahead and research their earnings to see if they're profitable if they happen to be public companies. Make sure you can tell if their growth is sub-par or exponential. Don't be scared if there's a lot of competition. In fact, you should welcome competition because healthy competition leads to innovation.

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