subject: How To Choose The Best Business Franchise For You [print this page] Business franchise opportunities are trending strongly in 2010 and becoming more and more popular as an alternative to an office career. People want the freedom to be their own boss and determine the course of their lives. Several trends are supporting the growth of franchise opportunities. As baby boomers approach retirement age, more and more people are looking for a late life career that is fun and rewarding. Women are entering the entrepreneurial scene in increasing numbers, looking for jobs and businesses that will allow them the flexibility to set their own hours, work from home, or be able to have their family with them at work. And the Gen X millenials are less interested in career jobs with salary caps than former workforce generationsthey are seeking lifestyle choices that will give them unlimited income potential and work/life balance.
The solution for many people is a Franchise Opportunity. Franchise businesses come with training, support, a strong company brand, and a base of products and services that are ready to launch. Although lending is still projected to be down through 2011, banks are more willing to lend on new franchise startups than on entrepreneurial startupsfranchises have the advantage of a proven track record and can document their successes.
Tips:
1. Choose a franchise that will make you happy.
Potential income is important of course, but so is the type of business that you will be conducting. Is it emotionally, psychologically and physically rewarding? Is this a job and business that you can commit to one-hundred-percent? Will your family be happy with your choice? Can you see yourself enjoying this job 5-6 years from now?
2. Look closely at the support and training offered by the company.
The best franchises offer solid, friendly support that is ongoingnot just a quickie training session. Look for programs that offer education in products and marketing, as well as equipment operation. The best franchises want you to succeed, and consider your success an important part of their brand growth.
3. Evaluate the demand and competition for the franchise product or service.
Technology and gadgets may be poor choices for a sustainable franchise. Although there may be demand now, updates will make your products obsolete. Luxury good franchises (leather, wine, jewelry) look attractive but will you have a spending base in economic downturns? Franchises that cater to our daily needs (food, child care, transportation) are very popular choicesjust make sure your offering is original and unique so that you can outshine the competition in these lucrative fields.
4. Does the franchise already have fans and customers?
You may have the best new widget in the world, but if your customers havent already heard of it, theyll be less likely to buy. Why? Its a matter of economic trustpeople would rather buy brands they recognize. Choose a franchise that has strong branding, attractive product packaging, and a savvy social media program.
5. Can you expand your business?
Its your business, so look for a franchise team that will support your creativity! If you are selling closet organizers, can you expand into storage consulting? Look for product franchise opportunities that will allow you to expand your business by offering ecommerce, gift baskets, catering, customization, and corporate gifts. Spread your wings!
