Steps to Find Which Franchise is Right for You 

According to FRANdata, between 13-20,000 new franchise owners enter the exciting world of franchising each year. The great news is that there are over 3,000 franchise brands to choose from…and that’s the challenge too. How to choose? 

Five Factors to Consider 

As you take the steps to find the right franchise, consider these five factors. First, make sure that the business is one that you can see yourself owning and operating. Don’t just grab the first “deal” that you find. Second, evaluate if the franchise matches your skills and experience. You don’t need to feel that you are an expert in that field, but make sure that the fit is at least comfortable. Third, make sure that the timing is right for you. The timing must fit your situation. You must have the time and energy to operate a franchise. Fourth, be selective about the location that you want to place your franchise in so that it will have enough potential customers. Fifth, can you get the necessary financing to own and operate a franchise? 

Steps to Find Which Franchise is Right for You 

Follow these steps to find the right franchise for you: 

• Develop a “shortlist.” Outline the types of businesses or industries that you’d like to enter. Then identify and rank some potential contenders based on the foregoing factors.   

• Dig deeper. Look carefully at each of the “shortlist” candidates. Get industry information and feedback. Look for a good reputation. Ask questions of franchise representatives.  

• Examine the competition. See what they say about your potential candidates.  

• Narrow the list to a final few. Look at the age of the franchise system, the financial strength of the franchisor, the strength of the management team, and the size of the enterprise.  

• Dig deeply into the final two or three candidates. Get every question answered to your satisfaction.   

Seek Expert Franchise Financing Assistance 

Contact TCF Capital for a wide range of financing solutions, tailored to your needs to help your dreams come to life.