This post focuses on new franchise opportunities, and how to research them, correctly.
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
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.
Surely there must be something you can do to make buying this franchise less-risky. Right?
New Franchise Opportunities: How To Do The Research
Warning: this is not going to be easy.
A gentle tip from The Franchise King®:
Do not buy a franchise until you know EXACTLY how to do thorough research.
Learn how here
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)