If you believe that franchising is for you, the crucial first step is to determine which business to franchise. Here are a few tips:
- Go with something you know and like. For this, take stock of your interests, hobbies, passions, as this is a good way to know what you will enjoy doing. Corny as it sounds, there is truth to the saying “Do what you love and you won’t have to work a day in your life.”
- Know your budget. Compare how much you have and how much it would require to put up your dream biz. Surprisingly there are a lot of promising ventures you can get into with just P500,000. Take a look at our franchise info page a list of franchises by budget.
- Do your research. Learn all you can about your prospective business by calling the company, visiting their website or even dropping by existing franchises. Talk to franchisees and ask them about their experiences. Know what exactly is included in the franchisee fee or package, and what company regulations you have to follow. Ask how long it usually takes to build your store, gain customers and get your ROI (Return On Investment). Know how long has the company been in franchising and how many branches they have to get an idea of your chance for prime locations and rate of return. Gathering information and weighing your options are important in making an informed decision.
- Consult experts. If you are new at franchising, don’t attempt to go through it by yourself. Even with your business acumen, there are bound to be a few things you might overlook which may cost you in the long run. There are people who can guide you through the franchising process.
- Know yourself. Consider your strengths and weaknesses and how these affect your potential franchise. Does your body clock coincide with their store hours? Are you willing to be on call at any time? How are your problem solving skills? How patient are you? Also, clarify your goals for getting into business. In it for the money, prestige, the experience? What are you willing to do to achieve your goals? How long are you willing to wait? Answering these questions can help you streamline your choices and simplify your task.