The Franchise King®

How To Research A Brand-New Franchise Opportunity

confused about how to research new franchise opportunities
(A bit confused)

This post focuses on new franchise opportunities, and how to research them, correctly.

(This post may contain affiliate links. Please read my disclosure policy).

You’ve found a new franchise opportunity that really interests you. One you feel you can make a success of in your town.

This franchise seems to have everything (so far) you want in a franchise business.

  • It has a pretty low cost of entry
  • There’s plenty of territory available near you
  • You like the product/service

But…

It’s a brand-new franchise concept. There is no track record to speak of. You’re starting to think that you may be about to make a risky move. But, you really like the concept. You “think” you can make it work in your neck of the woods. You’re just not sure. You’re kind of confused about what to do.

not sure

Surely there must be something you can do to make buying this franchise less-risky. Right?

 



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New Franchise Opportunities: How To Do The Research

Warning: this is not going to be easy.

That’s because there aren’t many existing franchisees to call and/or visit in-person, you’re going to have to use your gut instincts more than data. That’s because there’s going to be a pretty limited amount of data for you to use. You’ll also need to have faith. Here’s what you’ll need to do.

1. Hit Expedia, Kayak…or whatever travel planning sites you like, and start looking for available travel dates and times. Once you have a few possibilities, contact franchise headquarters. Tell them you want to spend a week with their team…or at least several days. Furthermore, you’ll want to tell them that you want to learn everything you can about their operation…you need to see it in action.

In addition, if they have a company store and/or a franchise business close to headquarters, you need to tell them that you want to spend a day or two at those locations-for the same reason; to see things in action.

I offer a couple more ideas on researching new franchises in the video I produced below. Watch it and let me know what you think. And, when you’re ready, schedule a Private Franchise Ownership Consultation with me so I can transfer the knowledge I have on franchising over to you.

 

(This is a video-taped portion of one of my Private Consultations)
 


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joel libava

I'm The Franchise King®, Joel Libava. I help prospective franchise owners avoid bank account emptying mistakes.
For 23 years, I’ve been showing people how to make smart, informed decisions on franchises to buy, and I can help you, too!
P.S. I'm not a franchise consultant/broker.

Joel is Highly Principled
There are many people in the franchise business who claim to to be experts in the field. Unfortunately many of them lack both knowledge and integrity. Joel, however, is without question one of the most qualified and principled people I know, in or out of his industry."
- Greg Reynolds, Retired Outplacement Counselor
"Many receive advice, only the wise profit from it."
- Harper Lee

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