Franchise News
5 Tips for figuring out which franchise is best for you
Ready for the franchise diagnostic test? Tips for finding the right franchise for you.
So, you want to buy a franchise? Luckily (or perhaps unluckily) you have thousands of options to choose from. Keep the following five tips in mind when deciding which is the perfect match for you.
Write down your skill set and your passions
Knowing what skills you have mastered (sales, public relations, finance) and listing your passions (animals, food, community outreach) can help you narrow down your search.
Knowing what skills you have mastered (sales, public relations, finance) and listing your passions (animals, food, community outreach) can help you narrow down your search.
Know your finances
Having a clear understanding of your budget, your bank status and your liquid cash is vital when deciding price points for buying into a concept. Your budget can weed out a lot of choices and provide you with brands that won’t break the bank. Prior to researching, do a simple net worth statement so you can compare that with a franchise’s minimum networth requirement.
Reach out to a franchise broker
Franchise brokers provide comprehensive tests that can evaluate the best concept and industries for you. Look around and meet a few before committing to one consultant.
Run an online diagnostic test
While these might not be the most detailed of surveys, they can help shed some light on possibilities.
Know your timeline
How long do you plan on staying with your franchise? This is a great question to ask yourself so you can honestly evaluate the best franchise for your specific situation. Do you want to pass it down to your children? Do you want to sell it soon? These are great long-term questions to think about.
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About the Author
Nick Powills
FollowNick Powills, CFE, founded No Limit Agency in 2008 and serves as Chief Brand Strategist for the Chicago-based firm. No Limit is a full-service communications agency that establishes and elevates brands by bridging Public Relations, Social Media, Marketing, Advertising, Digital, and a lot of creativity, to best strategize well-rounded and successful campaigns for 50+ global franchise brands. By presenting visionary ideas and building real relationships, No Limit is able to create effective media branding strategies to help companies grow. Nick currently leads a staff of writers, media strategists, designers, social media experts and digital producers in an office think-tank where brands are humanized for strong, compelling media stories. Prior to starting No Limit at the age of 27, Nick spent four years working at a franchise PR agency where he mastered the art of building rapport with media outlets and creating newsworthy pitches for earned media placements. He holds a Bachelor of Journalism from Drake University in Iowa.
