What is the Best Franchise?
Joel Caws - Technical Director, Select Your Franchise
This is a very popular question it seems but it requires a deeper look to find the best answer. We could delve into which franchises are the most profitable or whose networks are the largest but what is really the motive behind this common question?
Most people asking this are really looking for a personalised answer. The question isn’t really “What is the best franchise?” but rather “What is the best franchise for me?”
The notion that there is a universal best franchise opportunity for everyone is akin to saying that being a teacher or a doctor, for example, is the best job for everyone. Of course being a teacher or a doctor is a great job for many, but in reality the ‘best’ is different for everyone because we all have different skills, interests and personalities. One persons dream job may be another persons idea of hell!
It might help to ask yourself the following questions when looking at the best franchise to suit you:-
- What are my interests?
It’s often helpful to be doing something that you have a personal interest in. You are likely to find your work much more fulfilling as a result. - How much do I have to invest?
This is a big deciding factor which will focus you on what you can afford. Do bear in mind however that finance is often available so its worth checking with your bank to find out if what level of finance might be available to you. - Sell, Work with your hands or Manage?
You might be the kind of person that likes to get your hands dirty and fix things for people; maybe you are just a born sales person; or maybe you prefer to manage a team of people. Whichever your preference you will find a franchise out there that will cater for you. - Business-to-Business or Business-to-Consumer?
Most franchises focus on one market or the other, however there are some that can cater for both! Do you prefer a corporate lifestyle meeting other businesses and adding value to their companies? Or would prefer to deal more with consumers, providing services or products that will make their lives better?
These are really just a few common-sense questions that will help focus you on what is the best franchise for you. As you move along the decision-path you will likely come up with some other questions that you will need to answer for yourself, but as you do you will be moving closer to finding that best franchise for you.
Tags: best franchise, franchise business, franchise opportunities, joel caws
