Franchise Gut Check: 5 Conditions to Think About Before Diving In

The world of franchising is a dynamic and fast paced place, with new players joining every day. With a still uncertain economy, the support and structure of a franchise is looking ever more promising. Here are a few conditions to consider before making the dive into franchising. Think with your head, not your stomach With brands like McDonald’s and Subway already a staple of American culture, it’s easy to turn to food-based franchises. It’s true that food brands make up a large portion of the playing field, but starting the search there may be a mistake. The hot trends in franchising surround brands that are deemed “recession-proof.” Due to an increased number of natural disasters in recent years, emergency restoration brands like Rainbow International or PuroClean have garnered public interest. Another hot trend right now is in home senior care with brands like Right at Home*" href="http://www.rightathome.net/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=franchise-gut-check-5-conditions-to-think-about-before-diving-in-374" target="_blank" rel="nofollow" target="_blank">Right at Home and BrightStar leading the pack. This trend can be related to the rising demographic of seniors in the U.S. A Franchise is not a guarantee for success Yes, franchising can give you a great amount of support. Yes, franchising offers you an established system. No, franchising is not a guarantee. Just like anything else, to make something successful you must be willing to put in the hard work and time or pay someone else to put in the hard work for you. There is power in numbers The “power in numbers” ideal is twofold when it comes to franchising. Researching and figuring out which franchise can offer you support from not only corporate, but other franchisees is important. All franchisees under a brand are on the same team and the failure of one location could hurt your business as well. The second scenario to take into consideration is how many units you want to develop. One unit might not yield the results you’re looking for in terms of cash flow. You may not be as original as you think It is extremely likely that your concept is not unique, and if it is, don’t expect it to be that way for long. People and service are the true differentiators in the franchising world. Location is key You could have the greatest concept in the world, but if it’s not in the right location it, it may be ineffective. It can be frustrating to not be able to get your business up and running due to construction or leasing issues, but settling for a quick fix in the wrong location could be detrimental to success.