If you are new to the business world, franchise opportunities are definitely worth your consideration.
It can take time to learn the ins and outs of business, and the franchise model gives you the chance to grow as an entrepreneur in a relatively low-risk environment.
But “fit” is still critically important to your success. Although knowledge can be gained over time, passion cannot. You need to make sure that you’re comfortable with the job description, and that you’re moving into an industry you already have a penchant for.
Here are several things you should look for in a franchise opportunity.
Do you believe in the product or service being sold by the franchise network, and if so, is it in a growth market? Does it have long-term potential, or is it in a saturated space?
You need to do your homework to determine the sustainability of the business.
Quality Products & Services
No matter how passionate you might be about a particular industry, if you choose to buy a franchise that hasn’t built its name on quality products and services, you’re shooting yourself in the foot.
Quality products will not only ensure the longevity of the business, but will also help you to stay committed to the business for longer (which is important to your success).
Training & Ongoing Support
Franchisors should be willing to provide training and ongoing support for those who are interested in starting a franchise and making it a success.
Talk directly with the franchisor to find out what kind of guidance they offer. Determine how long the initial training will take, and how it will be offered.
You need to be able to turn to an experienced individual when you need help, and if the opportunity you’re considering is sound, it should come with extensive support.
Positive Brand Reputation
Does the franchise have a positive reputation with its customers?
This information should not be hard to find. You can check sites like Google My Business and Yelp for reviews on most established businesses.
With some research, you may also be able to find and talk to previous customers or franchisee owners to get a broader perspective.
Just keep in mind that no matter what business you select, there are bound to be some negative reviews. Slow service and “rude” salespeople are very commonplace. If you’re looking for a reason to stay away from a particular business, look for major red flags (i.e. the majority of its reviews are negative, customers are complaining about major issues with owners, products, services, etc.).
Return On Investment
You should get a pretty good sense of what to expect before getting into the business.
How much will the investment cost, when are you expected to break even, and how much profit can be made once the upfront expenses are covered? Try to get these questions answered.
Don’t forget – it’s critically important to choose a franchise opportunity that’s right for you. Get into a business you can see yourself succeeding in, as this will greatly increase your chances of achieving your vision.
If buying a franchise in the creative music industry is something you’ve been considering, we want to invite you to learn more about Music Centre Canada’s franchising opportunities.