With the explosion of franchises in the United States, choosing among them can be overwhelming. From exploring multiple franchise concepts to financing a franchise, husband and wife entrepreneurs have numerous questions. Their decision involves planning for future growth and time freedom as well as capitalizing on their skills and interests. The International Franchise Professionals Group (IFPG) helps aspiring business owners navigate through the franchise selection process, identifying the best opportunity for their unique situation.
For husband and wife entrepreneurs considering a franchise opportunity, the goal is to choose the right concept and maximize their chances for success. Since each opportunity has distinct attributes, one of the first decisions is to identify five to ten franchises that meet their goals. But there’s no need to limit the search to the United States; the IFPG has more than 1,300 members, including franchise brokers, franchise consultants, and vendors, from around the globe.
Once you’ve identified a handful of promising franchises, it’s time to research their available opportunities and weigh the pros and cons. Here are some of the questions to answer:
What’s the initial start-up cost and total investment? Will I get royalties and/or ongoing fees? What type of services will I provide? Can I open multiple locations?
Will I need financing to cover start-up costs? Are there different types of financing options available? Are there restrictions on where I can build a location? Is there a grace period for loan repayment?
What kind of training and guidance can I expect? Does the franchisor offer ongoing support? Is there a customer service system in place? What will the marketing and advertising plan involve?
* Business Management:
What are the expectations for day-to-day tasks? What systems will be put in place to track sales and expenses? How does the franchise expansion process work?
When you have a better understanding of the franchise’s model and the resources and support available, you can determine if it’s the right business model for your goals and aspirations. Additionally, you want to ensure that the franchisor’s values are a good fit.
Once you find a franchise that checks all the boxes, you’ll have to determine the location of your franchise. Does the company have restrictions on the type of market you can serve, the location of the business, or the level of competition in the area? Will you have the customer base necessary to sustain the business? All of these factors play an important role, as they determine the success of your franchise.
It’s time to make an offer and get your business off the ground. The IFPG’s franchise broker group can help guide you in negotiating the best offer for the franchise concept. They’ll advise you on financial considerations and potential legal concerns, and they can inform you about the franchise agreement.
After signing the franchise agreement, it’s time to start training and gathering the necessary information to open the business. It’s important to review the franchisor’s operations manual and start building relationships with vendors.
Franchise ownership can be a wonderful opportunity to gain time freedom and flexibility as husband and wife entrepreneurs. But before jumping into a franchise, it’s essential to do your due diligence, ask plenty of questions, and make sure it’s the right fit.