Joel Libava
In this 3-part series on money-making franchise opportunities, I’m going to show you the best ways to find, choose, and research franchises.
Franchises that you can actually make money owning.
You good with that?
Buying A Franchise?
First off, a question:
Why do you want to buy a franchise?
Allow me to take a stab at a few of your possible reasons.
1. You’ve been downsized.
A small percentage of people who lose their jobs-especially those who’ve worked in the corporate environment, look at non-traditional career paths. Like franchise ownership, or entrepreneurial ventures. Does that describe you?
2. Lifelong Dream
Some of the people I advise tell me that they’ve “Always wanted to own a business.”
Clients also tell me that they want-and need to feel a sense of accomplishment. That they need to reach some very important goals in their lives. One goal is finally owning something. They want to own what they do. Do you?
3. Not Ready To Retire
If you’re 55-65 years old, and you refuse to sit around your house all day…or you aren’t quite ready to take up gardening or crafts, business ownership offers a chance to stay active-physically and mentally. Becoming the owner of a franchise business…with a business blueprint already in place is an attractive option for some of the not-quite-ready-to-retire crowd. Am I describing you?
4. Legacy
Some people want to make sure their children have something waiting for them at the appropriate time. Something they can step into. Something they can take-over. Like a franchise business.
Some franchise opportunities make excellent family businesses. If you’re looking to create a legacy for your children, there are lots of opportunities in the world of franchising to do just that.
5. Something Else?
Whatever your reason is for wanting to own a franchise business, you’re going to want to keep reading this article, and the others that are part of this series, so you’ll know how to find franchise opportunities that you can make money owning.
Money-Making Franchise Opportunities Part 1: Finding Them
Don’t make the mistake of limiting your goals as you search for a franchise you can make money owning.
It’s one thing to say “I want to buy a franchise,” or “I want to own a franchise.” It’s quite another to say “I want to find a money-making franchise I can own.” See the difference?
Focus on “money-making.”
“But, Joel, what if I want to own a franchise not just for the money, but for an altruistic reason…like contributing to my local community by adding new jobs, or leaving something for my grandchildren?”
If making money isn’t your main focus, for whatever reason (maybe you have plenty of money) that’s fine.
Stop.
It’s really not “fine.” Not at all.
You have to focus on making money…on finding a franchise opportunity you can make money owning. Otherwise the altruistic reason you have for going into business in the first place will be all for naught. You won’t be able to pass the business on to your grandchildren because there won’t be a business to pass on.
Does that make sense?
Let’s continue.
Before you can start looking for money-making franchise opportunities, you need to make sure you are a fit for the franchise business model. The two articles I’m linking to below will help you ascertain if you’re right for a franchise business.
I wrote an article for the U.S. Small Business Administration (I actually write a monthly article for them) that will get you thinking about what’s going to be required of you if you go the franchise route. Read
The other article I want you to read is titled, You WILL Take A Hit If You Don’t Really Fit. It’s about your potential to lose your investment if you’re not a fit for franchising.
Where To Look
Once you’re comfortable with the idea of owning a rules-based business like a franchise business, and you feel that you’re personality-type is a good fit for franchising, it’s time to do a search. A search for the right franchise opportunity. Plan on spending a lot of time looking. There are thousands of choices in franchising these days. And, more franchise opportunities are being offered all the time.
The first place to start looking for franchise opportunities isn’t online.
The first place to start looking for a franchise opportunity is in your head.
To see what I mean, go here and do what’s suggested. Then pop back.
Now I want you to figure out a budget. You need to know what you can afford so you won’t spend needless time looking at franchises that are out of reach, financially.
Go here to learn how to figure your budget.
Go here to use my free net worth calculator.
Now that you have some things which to base your franchise search on, power up your computer, Smartphone, or tablet, and go to the franchise websites listed below.
Search These Franchise Websites
I have two franchise websites I want you to start your search for opportunities on.
The first one is Franchise Direct.
Not only has Franchise Direct been a strategic partner of mine for the past several years, their main franchise website contains hundreds of legitimate franchise opportunities worth exploring.
A little about Franchise Direct-from their website:
“Franchise Direct was founded in 1998 and is among the pioneers of internet lead generation for the franchise industry. With over 15 years of online marketing experience, Franchise Direct has grown to become the world’s leading portal for franchise and business opportunities.”
The site itself is really easy to use.
You can search for franchises by category…even by their up-front investment if you want.
Another great thing about Franchise Direct is that they have a team of professional writers and researchers who put out several focused industry reports each and every year. Check out their most recent Food Franchise Report to see what I mean.
Go to www.franchisedirect.com to start your search for a franchise.
In addition to Franchise Direct, there are dozens of franchise opportunity websites to choose from.
Here are the top 10 franchise opportunity websites.
Looking
There’s something you need to know.
You are only looking right now.
You’re not buying. Your checkbook shouldn’t even be within reach at this point in the process. First things first.
And, by the way, by doing what I’m suggesting here, you’re already way ahead of the curve. That’s because most of the people looking at franchise opportunities today start their searches online-before they even know what they’re searching for.
But, not you. You have a pretty good idea of what to look for as long as you read the 1st article I linked to in the “Where To Look” section above.
You also have a good idea of what your budget for a franchise should be if you read the other article I linked to in that section.
Did you use my Free Net Worth Calculator yet, so you know where you stand, financially?
The Money-Making Part
It’s coming. I am going to show you how to choose money-making franchise opportunities.
But, first I want you to get a feel of what’s out there.
Go to Franchise Direct and The Franchise Biz Directory to start exploring franchise opportunities. Hone in on the things you bring to the table. Match them to franchises that will allow you to use those things.
You’ll see. It will all start making sense.
Tip: You may want to type your email address in the sign-up form towards the beginning of this article so you won’t miss Part 2.
Now, go ahead and start looking for a profitable franchise.
Note: When you buy through links on this website, we may earn an affiliate commission. In addition, I've started to use AI to help me craft better article titles and headings.
