1851’s chief development strategist Sean Fitzgerald highlights the platforms that candidates should check out before investing in a brand.
The franchise selection process can be overwhelming. From determining personal business goals and finding a brand that fits a candidate’s lifestyle to comparing financials and finding an opportunity in a specific neighborhood, city or state, there’s a long list of factors that aspiring entrepreneurs need to take into account before determining which brand is the best possible fit. However, future franchise owners don’t need to go through that due diligence process alone. There are resources at their disposal that are designed to help make the franchise selection process run smoothly.
With the help of chief development strategist Sean Fitzgerald, 1851 Franchise rounded up 10 resources that candidates should utilize before making the leap and investing in a franchise brand:
Every year, Entrepreneur Magazine releases its list of the top 500 franchise opportunities for entrepreneurs. The list is also broken down by category, ensuring that entrepreneurs have the ability to look at the best of the best when it comes to a specific segment of the industry that they may be interested in. Entrepreneur creates its annual ranking by evaluating brands’ costs and fees, size and growth, support, brand strength and financial strength and stability.
Franchise Times serves as a news and information source for the franchising industry. However, in addition to being an industry publication, the magazine also lists the Top 200+ business ownership opportunities, that can be broken down by segments of the industry as well as investment range. Franchise Times has been producing its Top 200+ list for 20 years.
Billed as the only publication exclusively dedicated to multi-unit and multi-brand franchisees, Multi-Unit Franchisee is designed to provide information and business solutions that will help multi-unit owners make better decisions. Its mission is to help multi-unit franchisees strengthen their systems, grow their brands and turn their business goals into a reality by reporting on topics ranging from finance and legal to technology and industry trends.
Not only is 1851 Franchise one of the franchising industry’s leading sources of news and information, it also offers a unique tool designed to help entrepreneurs find a franchise brand. 1851’s Power Rankings list the top 20 brands that are trending across the entire website, and offers a glimpse into the brand stories that are resonating with the site’s readers. The Power Rankings are updated every week, and show a brand’s movement up or down the list as the list changes.
As the world’s oldest and largest organization that’s dedicated to representing franchising across the globe, the International Franchise Association is a great resource for candidates considering breaking into the industry. In addition to giving entrepreneurs a glance into franchising’s latest news updates and lobbying initiatives, the IFA also offers a search tool that provides insight into popular franchise opportunities in certain industries and geographic locations.
By bringing validation to the front of the franchise selection process, Franchise Business Review has positioned itself as one of the top resources for people looking to invest in a franchise. Through its rankings of top business ownership opportunities and the leaders who make those brands tick, Franchise Business Review gives entrepreneurs an inside look at what existing franchisees have to say about their brands. That enables candidates to consider where they might fit in within a system.
7. Franchise Portals
Franchise Portals like Franchise Gator and Franchise Solutions are another valuable resource when entrepreneurs are looking to find the right business ownership opportunity for them. These portals contain their own rankings of the best brands in the industry, and provide insight into opportunities that might otherwise be overlooked.
As the largest and most heavily trafficked business for sale marketplace, BizBuySell is an essential resource for those looking to buy an existing business. The site has an inventory of over 45,000 businesses that are for sale, and has led to 1.4 million monthly visits. BizBuySell also has one of the industry’s leading franchise directories.
Recognized as a respected leader in franchise consulting services, FranNet helps people make business decisions that will lead to long-term success. The company’s network of local franchise consultants can help aspiring owners determine if the franchising industry is right for them, as well as which brands would be the best fit for them in their communities. FranNet aims to match people to the right franchises through aligning goals, skill sets and lifestyles.
Established with the mission to study and promote high standards of excellence across the franchising industry, the Franchise Research Institute provides reports that are designed to fit into the due diligence process that proceeds selecting a brand. The reports are created after the Franchise Research Institute surveys franchisees of specific brands. Depending on the results, a brand can then be listed as one of the Institute’s world-class franchises.