Franchises are like food: There's something out there to suit everyone's tastes. As such, a franchise can be the perfect business for a budding entrepreneur. The options are incredibly diverse, and the business models — already developed and refined by someone else — proven. With a minimal investment, franchisees get the inspiration and support they need to become the business owners they dream of being.
So, where to start? Franchise opportunity listings are the ideal spot to begin your research. In reviewing them, be sure to consider:
Start on the WebYou'll find a huge number of franchise offerings on specialty Web sites, with listings conveniently sorted by business type (such as automotive, restaurant, home-based) and location. You can see the investment needed for each franchise and read a pitch from the franchisor about the training and support they give their franchisees. Online contact forms will put you in touch with the franchisor for more information.
Browse association listingsFor more exclusive listings plus educational material, try local and national trade groups.
Consult business directoriesBusiness directories can be excellent places to find just about anything — including franchise opportunities.
Look to trade magazinesB2B magazines often function as virtual libraries for entire industries. Many collect and publish classified ads especially for their niche readers.
Ask a search firmToo busy to spend your time sifting through hundreds of franchise listings? Hire a professional to do the searching for you.
Avoid trapsDon't rely on listings alone to sell you on a concept. Do some research and consult existing franchisees to get an honest picture of the opportunity.
- Once you've identified a potential opportunity, research the franchisor further at Hoovers. Also, request from the franchisor a Uniform Franchise Offering Circular (UFOC), which will contain all the information you need about a given opportunity.
- The most useful franchise listings will include a company history, unit count, geographical opportunities, application prerequisites and investment requirements.