Let’s start by defining the perfect franchise business.
To do that, you need to decide what perfect look like to you. Would you like some ideas? I thought so. Here are 5:
- A franchise business opportunity that allows you to earn six figures within 5 years
- A franchise that doesn’t require you to be on-site 10 hours a day, but can make lots of money owning
- A franchise opportunity that doesn’t require a large number of employees for you to make a decent living
- A franchise business that’s low-investment
- A franchise with top-notch support
What other characteristics would a franchise business need to have for you to call it perfect?
Expectations For The Perfect Franchise Business
What are your expectations for a franchise business? Are they realistic, or too high?
For example (and to illustrate a little of what I’m saying), read part of what I wrote in an article I put together for the U.S. Small Business Administration’s blog:
“A lot of people who are interested in becoming franchise owners bring a lot of unrealistic expectations with them. Some of these expectations have to do with the business model of franchising itself-what they hope franchise ownership can do for them.”
That said, one of most common expectations-and it’s a very unrealistic one, has to do with income…and how fast one can make money in a franchise business. Buzzkill time…
You’re not going to make money for a while. Why?
For one, you’re going to probably have a small business loan to payoff.
In addition, you’ll have inventory costs and/or payroll costs that you’ll incur every month.
What’s more, you’ll need to pay for business insurance. Plus utilities. Marketing. And rent. Unless you’re thinking of buying a home based franchise business.
Another expectation…and I’ve heard this one from several of my clients over the years is that they’ll get some type of “sign” that they’ve found the right franchise…the perfect franchise for them to open. It doesn’t happen much. But, as you’ll see in this story, things can line-up quite well-perfectly even, for some.
Finding A “Perfect’ Franchise OpportunityCan you find a perfect opportunity? Maybe. But you have some work to do.
For instance, you need to define the word perfect, so you can focus on franchise opportunities that could end up being…well…perfect.