Sorting through the Junk

Let’s recap what we have discussed the last couple of blog postings. Firstly we looked at the options a person has once they graduate and how a franchise is possible option in life. We then looked at the cost associated with purchasing a franchise and what options are available to you. Earlier this week we discussed how to formalize a table with your skills and how this helps you narrow down your search for a franchise. This week we will discuss how to sort through all the “junk” that exists on the internet and how finding a franchise opportunity is not a hard search it just requires patience.
You know have your list of skills in front of you and a list of franchise industries that you feel will be beneficial to your skill sets, we can now begin our search. Firstly, navigate yourself to a reputable website that offers franchise options I recommend:
www.franchise.com
www.startupjournal.com (powered by the wall street journal)
www.bizbuysell.com
These sites are the best of the best and will provide you with all the relevant information that you need to make your choice.
I will use franchise.com as my example for this article as I am most familiar with this site. Once you are on the site you will notice a lot of options that at first are confusing to the visitor, however, this is all relevant information for you to make an informed decision. Your eyes will be pulled in a lot of directions once you see the site; there are a lot of banners and advertisements for franchises, these advertisements are a good indication of which franchises are successful as it costs a lot of money to place banners. As well these franchises may not be too well known and they want to gain your attention as they truly have a great opportunity to present to yourself.
Now that you have calmed down your senses and started to see how the site operates you will notice that there are many options for you to explore, I suggest firstly starting out in the matchmaker section. This will match up your location and experience with many franchise opportunities. I caution against only picking the ones that display first as most of the time these lists are constructed alphabetically as the site assumes you are going to be doing thorough research and scrolling every possible opportunity. As well just because you don’t recognize the name of a franchise does not mean it is not a successful one, often we are only drawn to the name brand franchises such as Wendy’s, McDonalds and Subway but do not consider the names such as WSI, Curves, and the UPS store. The last three are all faster growing franchises than the three mentioned before them but their brand power isn’t as strong, if you do your homework on these franchises you will see these points.
Another good reference point on franchise websites are the press release sections. These are used by the franchise company to update their performance so potential franchisees can see what strides they are making in their field. It is important to take note of the companies that actively update these sections as they are very update and interested in promoting their achievements. Companies that do not outline their achievements can be seen as a poor choice for a franchise as they do not promote their brand and thus may not take the time to promote their franchisees.
Most websites will have a list of categories in which to find franchises, these will include, home based, computer and technology, consulting, internet etc. Once you click on these tabs a list of companies that correspond to your choice will appear with a short blurb on the company. This is often the best way to o your initial research on a franchise company.
These points will help you to make a short list of potential franchises that you are interested in buying and research further to make a great decision that is a profitable one.
Next week: How to research your potential franchises deeper and efficiently