Franchising is becoming increasingly popular for people seeking to become entrepreneurs without venture capital or business experience. Franchises offer both an easy entry into business ownership and the support of an established business model in the form of an existing brand. Husband and wife teams, in particular, are drawn to franchises as a way to become small business owners while balancing the demands of both family and a company.
For those looking to begin their franchise journey in North Dakota, the challenge lies in pinpointing the best franchise to buy for their specific needs and goals. Not every franchise opportunity fits the same profile, and there are a number of factors to consider when searching for the right fit.
To arm aspiring business owners with the information they need to make an informed decision on the best franchising opportunity, the International Franchise Professionals Group (IFPG) has put together this guide. We’ll walk through the criteria couples should assess when choosing the right franchise, and suggest product and service categories to focus on. We’ll finish off by outlining some of the most promising franchise opportunities available in the state.
Factors to Consider when Choosing a Franchise for Husband and Wife Teams
When selecting the right franchise to purchase, husband and wife teams should consider the following 7 factors.
1. Startup Costs – The franchise fee for any franchise opportunity is just the beginning. Operating costs for launching the business must be factored into any purchase decision. Some of these costs may include purchasing equipment, acquiring warehouse space and seating, developing a website and more. Depending on the type of franchise purchased, these costs can add up quickly. By researching each opportunity thoroughly, couples can get a better picture of what the total investment will look like.
2. Scalability – Every franchise has the potential to grow. By assessing the scalability of a franchise, couples can get a better idea of whether or not that particular opportunity suits their long-term goals. If the franchise has the potential to grow in different markets, then it may be a better fit than an opportunity that requires a more static approach.
3. Commitment Level – Some franchises may require a full-time commitment, whereas others may only require a few hours per week. As husband and wife teams need a balance between work and family life, it’s important to consider the level of commitment required to successfully operate each franchise. This can vary from franchise to franchise, so couples should research potential opportunities to find the one best suited to their lifestyle.
4. Support Structure of the Franchisor – When buying a franchise, the support of the franchisor is invaluable. Couples should research the support structure of the franchisor to ensure they have access to training, mentorship, marketing resources and other materials to help them build and sustain a successful franchise.
5. Competition in the Area – A key factor to consider is the competition in the area. Couples should research the current market to identify existing players, and assess their level of competition. The more competition there is, the greater the challenge it will be to make a profit.
6. Business Model – The type of franchise is also an important factor to consider. Are couples looking for a product-based franchise or a service-based franchise? Do they want to own and operate a retail store or do they prefer a mobile-based operation? Every franchise has different strengths and weaknesses, so it’s important to find the one that best fits their needs.
7. Location – Finally, couples should consider the location of the franchise. Where is the franchise located? Is it in a prime location with high foot traffic? Is it easy to access? Is there sufficient parking? These factors can all have an effect on the success of the franchise, and should be taken into account when making a decision.
What Types of Franchises Suit Husband and Wife Teams?
The type of franchise chosen is also incredibly important. Focusing on product and service categories that suit the lifestyle of a couple such as a husband and wife team can help to shape decision making. Some categories which couples may want to focus on when selecting a franchise include:
1. Food and Beverage Franchises – A food and beverage franchise can be a great choice for couples seeking a family-friendly business after spending their time running a family restaurant. Examples of food and beverage franchises to consider include quick service restaurant (QSR) franchises such as pizza, ice cream and sub sandwich concepts; full-service restaurant franchises that offer sit-down meals (curbside pickup and delivery services may also be considered for the current climate); and coffee franchises, which are relatively inexpensive to operate but require significant labor.
2. Retail Franchises – Retail franchises are a popular option for those with an interest in opening a store. Examples of retail franchises can include apparel stores; sporting goods retailers; toy stores; convenience stores; and specialty retail outlets.
3. Home-Based Franchises – Home-based franchises such as janitorial services; cleaning and organizing; and tutoring companies have the potential to grow quickly with the right marketing and operational strategies, while keeping start-up costs relatively low.
4. Fitness Franchises – Fitness franchises offer the ability to combine personal interests with business ownership. Examples of fitness franchises include fitness centers, outdoor exercise classes, and specialized personal training services.
The important factor to keep in mind is that no matter which franchise is chosen, there is likely to be significant hard work involved. Husband and wife teams should be prepared to put in the necessary hours to support their business’ success.
Franchise Opportunities in North Dakota
The state of North Dakota is home to a number of promising franchise opportunities. Couples interested in investing in a franchise in the state may want to consider the following options:
– Waffle House: Waffle House is a leading quick-service restaurant franchise with nearly 2,000 locations in the U.S. and abroad. It offers breakfast, lunch and dinner items, as well as a wide range of beverages. It is a viable option for couples seeking a food and beverage franchise opportunity.
– Snap Fitness: This franchise specializes in providing health and fitness services to customers. With locations throughout the United States, it is an ideal choice for fitness enthusiasts looking to break into business ownership.
– The UPS Store: The UPS Store is a chain of retail stores offering shipping, printing and packing services. This franchise is a great choice for those with a retail-minded personalty, since it offers convenience to customers in need of these services.
– Xcel Electrical Services: This franchise specializes in providing residential and commercial electrical services. It is a great opportunity for couples interested in getting into the home improvement business, with the potential to generate a healthy profit.
– Uptown Cheapskate: Uptown Cheapskate is a chain of thrift stores that provides customers with fashionable clothing at a discounted price. It’s a great choice for couples looking to own a retail business that allows them to contribute to their local community.
For those looking to invest in a franchise in North Dakota, one of the franchises mentioned above could be a great fit. However, it’s important to note that when choosing a franchise, it’s best to use the criteria highlighted earlier in this article to determine the best fit for couple’s goals and lifestyle.
Conclusion
Investing in a franchise can be a great way for husband and wife teams to become small business owners. By assessing the criteria discussed in this guide, couples can make an informed decision and determine the best franchise to purchase in North Dakota.
Once a particular franchise has been chosen, it’s important to thoroughly research the opportunity, pay attention to the operational and franchise fees, and ensure that the franchisor offers the support and training necessary to get the venture off the ground.
Although franchising isn’t the right path for everyone, it can be incredibly rewarding for couples who make the right choice. When done correctly, franchising can provide an easy entry into business ownership and help couples achieve their goals of financial freedom and lifestyle flexibility.
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