By Tim Parmeter on February 28, 2019Surely finding the right franchise to own is easily done just like we find everything in life these days, right? The Internet. Whether it is finding the best Mexican restaurant, the best dry cleaner, the best route somewhere, or even the best date for Saturday night, we can find it all online. So, logic would dictate the same strategy would work for finding the best franchise. Right?
But would doing an online search really work?Let’s first remember that there are over 3,000 franchised businesses in the United States. THREE THOUSAND. But I am sure our friends at Google can help us if we ask for the "top" or "best" franchises. Right?
One quick query and we find an incredibly reputable source Entrepreneur Magazine that has a ranking of the "Top 100 Franchises under $50K." Perfect, top franchises and for cheap.
Let's take a look.
Wow - that list is overwhelming.
For instance, there are 8 franchises in the commercial cleaning industry alone. If we ignore the other 92 franchises for a moment, how in the world do we know which of the eight commercial cleaning franchises would be best for someone?
The simple answer is, we don’t. Looking at a list of eight commercial cleaning franchises to determine the best one to own would be like trying to decide which house to buy when all you see is a picture of the front of the house along with a wide price range (e.g. this house costs between $215K-540K).
Can we narrow down the list?Let's again ignore the other 92 franchises on this list and take a deeper dive into the 8 corporate cleaning franchises. On the surface, they are all the same…they do corporate cleaning. In reality however, they are vastly different.These eight differ in their business model, their desired owner profile, their franchisor culture and support, and even their total investment (and yes, most of the eight have a total investment in excess of the supposed $50K barrier the articles states). Yes, it is true corporate cleaning can be very lucrative yet each of these eight franchisors also have earnings claims that are wildly different from one another.
So, this again brings us back to the original question...
How in the world do you find the best franchise to own?Understanding the answer to this question is where FranCoach comes in to play. FranCoach works closely with a handpicked group of roughly 500 franchisors in nearly 60 different industries. Our relationship with each franchise allows us insider access to know what their business model is, what their desired owner profile is, what their level of support and culture is all about, and what their total investment is (“Total investment” – this is the REAL amount of money needed to launch a particular franchise. It includes the franchise fee + everything it takes to get open on day one + at least 3 months operating capital once open).
So, how do we differentiate between all these franchisors?The trick is to realize that blindly searching online does not work. FranCoach understands this fact and has created a very thorough process to implement with clients. This process is designed to determine what each client's ideal business to own would look like. We take an in depth look at things like:
- What the owner role would be?
- What kind of staff they want, how many, with what roles, and what is the growth potential?
- What is their desired customer profile, how do they find the customers, how do they sell them, who sells to them, and how do they keep them?
- What intangibles are important; core values, culture, training, and support?
- What industries should be considered, what should be eliminated, and what industries are they unsure of but open to?
- And of course, what about the financials from the investment ranges and funding options, to the ramp-up time, to the return potential?
However, this detailed and personalized approach, combined with the close relationships with the franchisors, is what allows FranCoach to be so successful in matching clients with the perfect franchise to own. It is also why the answer to the question; how do we find the best franchise to own can be answered very simply.
FranCoach has a team of franchise experts who are ready to assist when you are ready to find your best franchise to own. There is never any fee for our service so what are you waiting for?
Reach out today so you can create a better tomorrow.