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How To Choose a Franchise
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Article 7: Get Expert Advice
Plenty of private and public sources can you help identify worthy franchises. They can also help you understand how to match franchises with your personal work style and lifestyle.
The U.S. Small Business Administration, www.sba.gov, has information on how franchises work and the steps you can take to be a franchisee. SCORE, www.score.org, is a source for expert, personal advice, which can be helpful in making self-assessments as well as understanding what you’re getting into in an industry new to you.
FranchiseBuyer (a subsidiary of Franchise Solutions), www.FranchiseBuyer.com, helps identify franchises that suit your interests, finances and desired lifestyle. It begins with an online questionnaire, then a free personal consultation. FranchiseBuyer.com is paid by franchisors when matching up with single unit franchises (one store, for example). The fee is the same, no matter how pricey or inexpensive the franchise.
FranChoice, www.franchoice.com, also provides free service to qualified individuals looking for franchise opportunities. Like FranchiseBuyer, it provides options based on your goals and preferences.
Entrepreneur’s Source, www.entrepreneurssource.com, is another self-assessment service. It provides consulting not only for people looking for franchises, but also for a variety of self-employment options. Coaches help clients set and reach personal and professional goals.
FranNet., www.frannet.com, gives guidance, information and support from consultants who find franchises that fit your profile.
Franchise Solutions’ Director of Corporate Development Erick Stites says that most brokerage services like these begin by helping assess your work style and lifestyle before matching you up with a franchisor.
“Rather than talking about specific businesses, they talk about business models that will fit the lifestyle,” Stites said.
Another option is the American Association of Franchisees & Dealers, www.aafd.org, which provides certification of franchisors who meet a voluntary fair franchising standard. The certified franchisors have agreed to meet 25 fair standards regarding ownership, encroachment limits, rights to compete and other contractual terms.
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How To Choose A Franchise
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