4 Factors To Think About When Buying A Franchise

For whatever type of industry that exists, there's literally a franchise out there for that industry. Don't believe me? If you do a search on Google about 'strange franchises', you'll find some franchises named Texas Lice Squad, 1-800-Puke-Off, Doody Calls, Bully Busters, The Eraser Store, Offline Dating Franchises, Mr. Snowman and so on. Yes, these are REAL franchises.

Now that you can see that there's a franchise for pretty much everything that's possible, it's a good idea to take a step back and analyze the situation from a 50,000 foot level. In this article, I'm going to give you 4 factors to consider when buying a franchise.

1. Understand what you want - First it's important to know what your goals are. If you desire to have nights and weekends off to spend with your family, then don't buy a franchise in the food industry where nights and weekends are the moneymakers. If your goal is to be able to run your business while you're spending a month in Bora Bora, then don't buy a franchise that requires you to physically be there to conduct business.

2. Be smart about your decision - It's wise to find a franchise in an industry that you're absolutely passionate about, which is what I would recommend. If you're anything like me, you're probably more productive when you're happier with what you're doing. Don't you agree that there's something magical with being happy in your work? The bottom line is it's important to start off finding a few franchises that align with your goals and values in an industry that you enjoy.

3. Analyze the industry you're considering - You want the industry you're looking at to be positioned in growth and stability. If the industry is stagnant or mature, walk away and move on to another industry. Take a look at the fastest growing companies today like Facebook, Apple and Google. At the time of this writing, Facebook has just been valued at 65 Billion (with a B) and the company just turned seven years old. Google is just twelve years old and we can't even imagine our lives today without Google.

4. Analyze the top franchises in an industry - Find out what the top 10 franchises are in the industry you're looking at and see if they are still growing. Understand their numbers to see if the growth is exponential or not. Look at their earnings if they're a public company and see if they're profitable. Be comfortable with a lot of competition. That's a good thing because solid competition leads to innovation.

By the way, do you want to learn more about franchising so you can make educated decisions about finding the right franchise for you?

If so, download my free guide here: The Franchising Insiders Report

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