You’ve wanted to open your own business for years and finally decided to do it. With a little looking around, you found an amazing franchising opportunity. In your book, you would be crazy to pass it up. But there is also some fear.
Everything is falling into place, and you can hear that voice in the back of your head saying, “If it’s too good to be true, it is.”
Of course, many opportunities overpromise and undeliver, but they don’t all. Some open doors are as good as they look. You just have to walk through them and do your part to take advantage of the opportunities put in front of you.
How can you tell the difference? How can you know that your franchise of choice is going to survive the first year and make it for decades to come? By looking for a few key indicators.
Choosing the Best Franchise Opportunity
Indicator #1: Happy Franchisees
Whereas some franchises encourage you to only look at the numbers, there’s more to any business than numbers. In the franchise world, talking with franchisees is where the rubber meets the road. Because it doesn’t matter what the franchisor tells you about their success rates and business policies. If current franchisees aren’t happy, there’s something wrong.
The first thing you should do when a franchise grabs your attention is to grab a phone or hop in the car. Call or visit current franchisees to find out how life as a franchisee is.
Ask about actual upfront costs, struggles, and successes. Find out if the franchisor made promises that weren’t kept. What kind of ongoing support does the franchisor provide? Are there unexpected expenses along the way? Would the franchisee would do it again if they knew then what they know now?
If the franchisees you meet are passionate after years of business, you’ve found a winner.
Indicator #2: Quick Feedback
Once you find a franchise with happy franchisees, dig in deeper. Gather up your questions and contact the franchise headquarters.
Whether you contact them via phone or email, present yourself in a professional manner and expect to receive the same.
No matter what your opinion of the company, if they don’t treat you like royalty at this point, walk away. Remember—they should want to earn your business at this point. If they can’t give you the time of day or seem shady in any way, that won’t improve when you start giving them money. A good long-term relationship has to start on a good foot!
When considering a franchise, franchisors should quickly and courteously respond to your questions. They should give you as much time as you need to ensure your questions are all answered satisfactorily. And they shouldn’t put off an air of superiority or secrecy.
Indicator #3: Brand Strength
One major reason entrepreneurs turn to franchises when ready to start a business is brand recognition. Whereas a new business can take years to earn brand recognition, franchises come with it.
However, brand recognition isn’t the only thing that determines whether a franchise will succeed or fail in a given area. Equally as important is the brand’s strength—whether it has a good or bad reputation.
In fact, it is a better bet to go with a lesser known franchise if the alternative is opening a franchise with a poor public image. You can always educate people about what a business does. But it takes longer to build trust in a brand that is considered untrustworthy.
Determining a brand’s strength requires research. Get online to see what kind of reviews people leave for a potential franchise, but don’t stop there. Get out in your community and ask people on the streets about their perception of a potential franchise. When doing this, try to target people who fall into your target demographic to ensure your information is accurate and useful.
Indicator #4: You Believe in It
Franchises specialize in all sorts of things. So find one you’re into. It can be good physical health, well-maintained automobiles, or quality home inspection.
Whatever franchise you’re considering, believe in the product or service it offers. You don’t have to be an expert. You just have to be passionate. The expertise will come.
However, if you don’t think the service or product a franchise offers is important, you’re not going to thrive, and neither is your company.
On the other hand, if you understand that opening your franchise is a way to serve other people and not just boost your bottom line, you’re more likely to work hard. Through this hard work, you’ll ensure the long-term success of your company, regardless of what you’re selling.
Indicator #5: It Can Make Money
The goal of any business is two-fold: it helps people and it makes money. If a company doesn’t make money, it is on the fast road to failure.
To ensure your franchise can put food on the table, dig into the financials. If the franchise thrives in certain areas and with certain clientele, make sure your location will be in an appropriate area.
Have a goal of becoming profitable within the first six months? Then do the math and seek others’ input. Ask current franchisees how reasonable your goal is. You may be a go-getter, but if the franchisees you speak with work hard, don’t assume that you’ll outsell them from day one.
Fit Body Boot Camp is a Consistent Winner
While there are many great franchise opportunities out there, one has worked its way to the top and stayed there for years on end. That franchise? Fit Body Boot Camp, a.k.a. FBBC.
Considered the anti-franchise franchise, FBBC is the fastest-growing boot camp fitness franchise in the world. Franchisees love the low upfront cost, flat monthly fee (instead of a percentage royalty), ongoing support, marketing services that don’t cost extra, and more.
Interested in learning more about this sure win?
- Visit https://FBBCInvest.com or call +1 (888) 638-3222 to learn more and to hear stories of people who have let FBBC improve their lives by helping others do the same through physical fitness.
Watch FBBC Video for More Franchise Success Stories