Unless you already know what franchise you’re going to buy, you’re probably going to end up searching for one on a franchise opportunity website.
If that’s the case, if you haven’t found a franchise to buy yet, please continue reading, because I’m going to teach you how to use a franchise website to help find the best franchise for you.
Before You Search
I think you’d agree that it’s silly to waste your time on stuff that won’t help you reach your goals.
In this case, I’m referring to you endlessly clicking franchise opportunity advertisements on franchise websites, hoping to find “the right franchise.” Odds are, you won’t.
That’s because more and more franchise opportunities are being offered every year. In other words, the numbers are too big. There are too many choices!
To be sure, it’s great to have choices.
But having too many choices…too many options, can actually makes decisions more difficult.
That’s why you need to do the following things before you start searching for a franchise to own. These things will increase your chances of finding a great franchise to buy on a franchise website.
1. Figure out your net worth using my free tool.
It’s crucial for you to determine if you have the financial capability to buy and operate a franchise business. If you don’t, it’s better to find out now, so you don’t invest in something you can’t afford.
The rule of thumb is to have a minimum net worth of $350,000, along with the ability to write a check for $50,000-upfront. (Most of my clients have a $500,000 net worth or more)
2. Determine your top skills
This exercise is important, so grab your notebook and a pen or pencil.
The first thing I want you to do is list what you feel are your best skills. Write down everything you’re really good at.
Next, on another piece of paper, using this list, write down what you think are your most dominant personal traits.
Those two things-a list naming your best skills, and a list of your dominant traits, will enable you to do a more focused search for a franchise that makes sense for you.
Next, you need to figure out what you’re willing to invest in a franchise.
Tell yourself you’ll only look at franchise opportunities with a total investment of $300,000-or whatever your number is. That way, you won’t waste time on franchises that are financially* out of reach.
*95% of the time, you’ll know what the total investment range of the franchise is going to be, upfront. Personally, I wouldn’t waste my time investigating any franchise concepts that don’t disclose investment amounts up front.
The fact that there are franchisors that won’t divulge total upfront investment amounts until you contact them, and/or fill out a form, angers me to no end. Why would they do that? Why make would-be franchisees jump through hoops…just to find out if they can afford to buy an “opportunity?”
The Dalai Lama says that “A lack of transparency results in distrust and a deep sense of insecurity.”
4. Talk to him
I happen to think that it’s wise to consult with your husband, wife, or partner, before you embark on an adventure like this.
Buying a franchise is big. It’s not for the faint-of-heart. It takes courage. Smarts.
What’s more, without the support of the people near and dear to you, exploring franchise ownership-and potentially buying a franchise business, will be that much harder.
Because at the end of the day, although you’re the one putting in the work, and doing the research, your decision will affect those around you-especially if you move forward and buy the franchise. For years to come. Seriously.
It’s kind of like the alcoholic who continues to drink, damn the consequences, because “he’s only hurting himself.” (Right. Like his family hasn’t been affected by his years of drinking.)
For heaven’s sake; involve your wife, husband, or partner in the process-and the decision. It’s a big one!
I’m done with this part. How about we search for a franchise!
How To Use A Franchise Website To Find The Best Franchise
That’s why I’m using their franchise opportunity website to show you how to search for the best franchise. Let’s begin.
Go to www.franchisedirect.com (Their franchise website will open in a new window)
The first thing you’ll see is that they’ve been around since 1998. (Wow!)
To be sure, the team at Franchise Direct has been at this a long time. Because of that, they know what works, and their updated, easy-to-use website is all the proof you need.
The next thing you see-and it really stands out, is their “Find A Franchise” box. This is where the magic happens. Especially if you have done the things I recommended above. Let me show you what I mean.
Meet Francine Firebossi
Francine contacted me a month ago. She wanted help finding the right franchise…and asked me for a few ideas.
During our 1st consultation, in addition to me getting to know her, and her goals etc., I had her do what I just asked you to do. A few days later she emailed me the following.
Joel, as you suggested, I have come up with this information. I hope it helps!
My net worth: $438,000
My budget: $200,000
Skills: Strong in sales, presentations, and training
Personal traits: Energetic, motivated, confident, and goal-oriented (Hopefully, I didn’t forget something, Joel)
As for talking to my spouse or whatever, I’m single, so the decision is mine.
Let’s go back to the Franchise Direct website.
Finding A Franchise
Head back over to www.franchisedirect.com, so you can learn how to find a franchise that makes sense for you.
Ideas For Francine
The first idea I had for Francine was to head over to Franchise Direct, and click “Industry.” (Go ahead and click it-it’s on the top part of the website.)
Now, pretend you’re Francine. What industries would match your (her) best skills?
Let’s try “Retail” franchises. Go ahead and click “Retail.” Do you see any franchise opportunities that would allow you to use your sales or presentation skills? (Feel free to click a few franchises) If you found any, write them down. You can go back to them later.
A Retail Franchise?
If you want to save time, if you want to only look at franchise opportunities where your skills will be a good match as an owner, you need to picture yourself as the franchisee.
Take the case of a food franchise business owner. What do you think the owner does? What skills does she use?
Bluntly, I can tell you which ones aren’t used.
For one, sales.
Case in point: How much “selling,” does the franchisee of a food franchise do in a typical day? I’m talking about real selling, the kind of selling that involves closing deals. Not a “Would you like to make this a Special Value Meal instead?” type of sale.
Namely, unless you’re going to do weekly demonstrations in various venues around town of how you prepare your fantastic fast food. I don’t see you doing them.
Are you picking up what I’m putting down?
Here’s A Better Idea
We’ve eliminated retail franchises because your skills (Francine’s skills) aren’t a good match. Let’s go back to the “Industries” area of the website.
How about “Advertising and marketing” franchises? Go ahead and click it. There we go! There are all sorts of franchises that your skills would be a perfect match* for.
*It’s important to know that just because you may have found a “match” for your skills, it doesn’t mean that you’re going to immediately be interested in learning more about it. But, you should remain open. I’ve seen a lot of people buy franchises that weren’t on their radar screens-but did so after learning about the opportunity.
Are there any other industries shown on the Franchise Direct website in which sales, presentations, and/or training that would be a big part of the business?
The only way to find out is by clicking different industry links on the website.
And as you’re doing so, I want you to really think about the role of the franchisee in the businesses you’re checking out.
One more thing. Here’s another industry segment that you (and Francine) should check out. There are lots of opportunities there.
Another Way To Search For A Franchise
In addition to searching for a franchise that fits by industry, you can do it by your investment amount.
To do it this way, click this section of the Franchise Direct website, then, using Francine’s budget, click “Under $200,000.” Look at all the franchise opportunities that come up!
Now, all you have to do is look for franchises that match your skill-set and some-or all of your personal traits, and start learning more about them.
Personally, I like doing it this way. And you should too.
That’s because if you set a budget-like I suggested, you know you’ll be able to afford any opportunity you find.
Start Your Search!
Now that you’ve learned how to use a franchise website to find the best franchises for you, start searching!
Wait. My bad. I’m not sure if you know everything that’s involved in buying a franchise. All the steps.
In view of that, I strongly encourage you to read a how-to article I wrote. It’s been read thousands of times, and if you’re smart, not only will you take the time needed to read it-you’ll also bookmark it right away. That way you can refer back to it as needed. It’s titled, How To Buy A Franchise, Step-By Step.
If you do your franchise search the way I just showed you, not only will you save yourself a lot of time, you’ll also greatly increase your chances of finding a franchise opportunity that’s a great fit for you, and offers a great opportunity to be your own boss.
Finally, if you’d like help determining what industries, or possibly what specific franchise opportunities may be a great fit for you, signup for one of my Guaranteed, personalized franchise ownership consultation packages. I’ve done this once or twice.