There are plenty of franchise opportunities out there that give you the benefits of business ownership without the headache of trying to open a new business completely from scratch. But how do you determine which franchise will provide you with the best career satisfaction, support, and ROI?
Owning a franchise is a long-term investment, so it’s important to take your time and thoroughly examine all of your options before you make that commitment. When assessing a franchise opportunity, these are the questions you should ask.
How much support does the company offer?
One of the biggest benefits of owning a franchise is having the support and backing of the franchise organization. So it’s a big red flag when the franchisor does not give any details on how much ongoing assistance and support they provide.
Look for companies that are dedicated to helping their franchisees establish, run, and grow their businesses. They should be able to clearly define the amount and type of support they offer, both upfront and throughout the duration of your partnership.
Does the company lay out clear expectations for franchisees?
A quality franchisor will detail their expectations for you, the franchisee. Without knowing what is expected of you and your business, it’s impossible for you to determine whether or not you can meet those obligations and if the partnership is a good fit. If you have the opportunity, speak to other franchise owners to get a first-hand account of what it is like working with that company.
Is the company upfront about the cost of ownership?
Any reputable franchisor will have clearly laid out contract terms and financial obligations. In fact, they are legally required to inform you of any and all fees before any money is exchanged. So you should be able to see, in detail, how much franchise ownership will cost you initially, as well detailed estimates on your expected overhead expenses.
Does the franchisor provide in-depth training?
There is no point in investing in a franchise that does not give you the tools that you need to succeed. Any franchisor that you consider partnering with should provide extensive, ongoing training in every aspect of the business, from launch to providing services to scaling. You don’t want to partner with a company that takes your investment and leaves you to figure out everything on your own.
Is there a need for this type of business in my area?
Even the best franchise will not be profitable if there is no demand for that company’s products or services in your area. So do some market research before you make a commitment. Learn more about future projections and demand within that industry, find out who your competitors would be, and estimate the potential market size for your area and the surrounding communities.
Is the franchisor’s brand reputable and established?
Brand recognition goes a long way in attracting new clients or customers. You don’t have to limit yourself to multinational franchise opportunities, but make sure that the company itself is well-established and has a good reputation. If you invest in a brand that your potential customers already have negative views of, you are setting yourself up for failure.
At Right Hand Senior Care, we are dedicated to the success of our franchisees. We provide high-level training, tools, and support to help each of our owners establish their businesses and serve their communities.
So what are you waiting for? Get in touch today and change your future with a Right Hand Senior Care franchise.