I just finished my annual session with Fiona Franslam, my psychic. This year’s one-hour-in-person session was quite revealing…..
(Disclosure; Fiona sometimes serves as my part-time virtual assistant. All I have to do is think of her, and she appears. It’s a little thing we have.)
Now that I’ve satisfied all of the FTC requirements for a post like this, it’s time to get serious.
The first question you probably have is this one;
“Joel, where did you come up with the number, 467? ”
“I’m glad you asked. I pulled it out of my
as_ …Crown. ”
You have another question, don’t you? Is it about the year? Thought so.
The reason that I’ve chosen to talk about, “The Top 467 Franchises For 2019,” is because I wanted to really challenge myself this year, mathematically. Plus, I think that reading about the top 100, or even the top 500 franchises for 2012 is kind of B O R I N G. As a matter of fact, any of the “Top Franchises to Buy” lists that are bound to start appearing in the next month or so from every Google Adsense stuffed franchise business website and/or blog from here to the Philippines, will be boring.
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Revealed: The Top 467 Franchises For 2019
Here are 5 reasons why every top franchise list is totally useless, and a huge waste of your time;
1. The top 10% of the franchises on these lists rarely change
For example, have you noticed how many times Subway® is named a “top franchise?” Why do you think that is? Do you think that it has anything to do with the fact that it’s 30,000+ units strong? Or, that’s it’s easy to visualize owning a food franchise.
Is it a quality franchise? That’s for you to decide. It’s your money.
In my industry, Fred DeLuca is a household name. He’s The Guy. I have an idea? Ask my friend, (and the person who instantly agreed to write the foreword to my franchise book) Rieva Lesonsky. She’s know him for 20 years. Look
Do you really want to own a Subway®? Why? Have you ever been in the food business, or are you only interested because you’ve heard of it, been a customer, and see it on every top franchise list available to mankind?
A Subway® franchise could be right for you. I have no idea. Make sure that you’re a fit for a food franchise. Doing so will increase your chances of success as a franchisee. And, do great franchise research.
2. There’s no real due diligence
Sure, the editorial staff does some basic research on the franchises that are selected to be in their top franchise lists. But, not the kind of research that you’ll need to do before you plunk down $100,000 or more into a franchise business of your own.
They don’t do real, hard-nosed research on the franchise systems they select because they can’t. It would take way too long. And, it would require at least 300 virtual assistants at around $9.00 an hour (each) working for 6 months straight to do it right.
I’m not saying that the franchises on any of the lists that you’ll encounter on your way to The Franchise Promised Land are bad. I’m only suggesting that a list is just a list.
3. The Money Part
Have you ever noticed the advertisements? All the major lists of top franchises have ads from franchisors. Lots of them. I’m guessing that there’s an awful lot of revenue generated by the hundreds of franchisors that have chosen to shell out big money to be included next to, above, or underneath a, “top franchises of 2012” type of list.
I didn’t write that franchisors are paying big money to be on one of these lists….I’m not even suggesting it. That would be idiotic. All I’m saying is that there are lots of ads included in top franchise lists. The lists are major annual revenue-generators. Just knowing that puts you way ahead of franchise seekers that don’t 🙂
4. Hot Franchises
Those are two of the scariest words that exist in franchising. Take a trip with me down memory lane. Close your eyes, and think about your 6th grade science class. Do you remember learning about gravity?
Here’s my take on the science experiment that you just watched;
Gravity is real. What goes up must come down. To earth.
Hot franchises don’t stay hot forever. As a matter of fact, by the time you’ve heard about them, it could be too late to reap the rewards of a hot franchise’s popularity. There have been some exceptions, like this one that are still pretty hot, though.
My best advice; if you’re looking at a hot franchise, make sure that you’re not getting in too late, and make sure that the concept is a fit for you. (And your local geographical area.)
5. Franchise lists are never about you
If a top list of franchises was really about you, your picture would be prominently displayed throughout the list.
The reason that pictures of happy, and very successful franchisees are sometimes displayed in these franchise lists should tell you something. The people portrayed are usually actors. They have nothing in common with you. (Except that they’re human. I think.)
(Happy, successful franchisees)
The pictures you see in franchise lists and franchise ads are there to appeal to your emotions. It’s Marketing 101. Heck, when I add pictures to blog posts, I’m trying to appeal to your emotions. There’s nothing wrong with it. As a prospective buyer, you have to make sure that you’re able to separate fantasy from reality, though. While all of us want to be happy and successful, things don’t always work out.
All business owner have tough days. All start-up business owners, (franchise or not) have to crawl before they walk. The first year can be brutal. The couple in the picture above have already made it past their first year…trust me. You’re not going to look like that during your first year in business, most of the time. You’ll probably look more like this;
You’ll get past it, though. And, it will be worth it!
The bottom line is this;
Buying a franchise isn’t for the faint of heart. As far as I’m concerned, it’s not supposed to be. There’s a saying that goes something like this; “if it was easy, everyone would be doing it.”
Everybody’s not doing it, in this case. It takes courage, followed by serious self-examination. You’re going to have to figure out what your top skills are, and then match them up to a few franchises that seem to be in line with them. Once you’ve found them, explore them carefully. Ask lots of questions. Don’t rush through the process. (And don’t allow anyone to try to make you move quickly to a decision.) Don’t worry about what’s hot this year. Don’t pick a franchise to buy just because it’s been named a, “Top Franchise.”
Buy a franchise because it makes sense for you, in your specific situation. Make sure that it’s affordable. Don’t forget that you’ll need money to live on for the first few months-at least.
If you ignore the hype that exists out there, and do your homework, you should be just fine.
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What are your thoughts about the “Top Franchise” lists? Have you used them to find the franchise that you’re now the owner of? Let me know.
One more thing; I have no idea what the 467 top franchises are going to be in the year 2019. And, I don’t really care.
I do care about helping prospective franchise owners choose the right franchises, and I love teaching them how to do top-notch research.
“Joel Libava is a superior advocate for prospective franchise buyers, and shows total and fierce dedication to protecting their interests. Any potential buyer can consider him/her self in the best of hands when following his guidance.”
– Susie Sharp, Social Zense Media