With economic changes resulting in corporate layoffs and other job losses, many individuals are looking for new and financially rewarding ways to make money. One way to do so is through franchising, and if you’re looking for the best franchise to buy in Massachusetts, you’ve come to the right place. The International Franchise Professionals Group (IFPG) is a membership-based franchise consulting network that can help aspiring business owners navigate through the franchise buying process.
Franchising has been a popular way to invest and start a business as it leverages existing brand recognition, operational models, and other established assets. While the concept is often misunderstood, franchising does come with a fair amount of risk and requires you to have a good basic understanding of business practices, financing and other related topics. It’s important that you have realistic expectations as you embark on your franchising journey.
Given its business climate, geography, and population size, Massachusetts offers many lucrative franchise opportunities. Depending on the type of business you want to own, you might choose to focus on an existing franchise or even to create your own. To help in making the right decision, here are some frequently asked questions about buying a franchise in Massachusetts.
What Are the Benefits of Buying a Franchise in Massachusetts?
The franchise buying process can be overwhelming because of the complexity and sheer number of decisions that need to be made. A decision to invest in a franchise should not be taken lightly.
From an economic perspective, investing in a franchise can provide a robust return on investment in the long-term. The majority of franchises offer franchisees a set of proprietary services and products that come with brand recognition, a well-defined business model, and ongoing support and training.
The state of Massachusetts offers many strategic advantages to new franchise owners, such as its proximity to major cities and transportation hubs, access to a highly educated labor force, and its business-friendly environment. The state is home to some of the best colleges and universities in the country, which aides in having access to talented staff members. Beyond this, there are numerical advantages as well. For example, Massachusetts has the third-highest concentration of millionaires in the US, a positive when looking for investors.
What Kinds of Franchises Are Available in Massachusetts?
Depending on your interests, goals, and/or budget, there is likely a franchise to fit your needs in Massachusetts. Franchise locations such as food, retail, leisure and entertainment, hospitality, and general services, are some of the many options available to prospective business owners.
For example, pizza franchises like Papa John’s, Domino’s, and Pizza Hut have an especially strong presence in Massachusetts. Other popular franchises in the state include the frozen yogurt purveyor, Yogurtland, which recently established a new location in Braintree. Additionally, there are many successful franchises in the hospitality and leisure industries, like hotels, golf courses, and amusement parks.
If you’d prefer to create or invest in a side business, there are plenty of service franchises such as home cleaning services, limousines, pool maintenance and repair, or security management companies.
What Are Important Questions to Ask before You Invest in a Franchise?
Before signing the paperwork, there are a few things to consider when evaluating a potential franchise purchase.
First, understand the financial and legal commitments. Typically, a person or company investing in a franchise will pay an upfront franchise fee and a royalty on gross sales. It’s important to determine the franchise’s estimated operating costs and legal commitments prior to signing a contract.
Second, it’s crucial to understand if the franchise model is a viable business. Ask for financial information such as year-over-year pricing trends, annual sales figures, customer satisfaction units, and reviews of the franchise directly from existing franchisees.
Engaging in market research is also important. Analyze the current and targeted markets for the franchise. What are the competitive advantages of this particular franchise brand? What kind of customer service standards do they offer? These can make the difference between a successful franchise and one that struggles to break even.
What Other Resources Are Available to Help Investing in a Franchise?
At IFPG, we understand the importance of researching and identifying the best franchise opportunities available in your specific area. We provide our members with the latest news and education, discounted software and services, access to exclusive financing opportunities, and collaboration with other IFPG members.
Our purpose-driven mission is based on integrity, ethics, and collaboration, and exists to provide our members with the resources and assistance needed to grow their business. Through our innovative programs and training, IFPG has been able to provide business owners and investors with the tools and expertise needed to make an informed decision when choosing the best franchise opportunity for them.