Franchises offer entrepreneurs the ability of stepping into a business with national or regional recognition. In some cases, the franchisor does national or regional advertisement. Individual franchises usually still need local advertising campaigns for marketing their specific location.

The following list provides important considerations when choosing the franchise right for you and your location:

Franchise Market Appeal

•  Choose a franchise you like; the product must appeal to you. Pride in your business makes a better salesperson.
•  Study your location and what appeals to the specific market. A successful franchise in one location provides no guarantee as to its successfulness in another market.
• At the same time, ensure that the competition for the product or service hasn’t over saturated the market in your location.

Research Franchise Offerings

• Not all franchises are clones. Each franchise sets their rules, prices and procedures. Make sure the requirements of the franchise meet your business concept and the way you like working.
• Match your skills and interests to available franchises. Don’t try to put a square peg in a round hole. Databases exist where you plug in your criteria for a business and you receive a list of franchises meeting your criteria.
• Some franchises offer only seasonal concepts – if you want or need to work full time year around, steer clear of these.

Comparative Research

• Compare various franchises with each other. Compare what you get versus the price you pay and what’s included with the offering. Some franchises offer training and ongoing support, others offer less.
• Compare earnings, costs of maintaining the franchise. Have your accountant review this information.
• Do your own income and cost projections with your accountant for your location.
• Compare contractual provisions such as terminations. Turn these over to your attorney for review.
• Talk to existing owners of the franchises on your short list and ask about the good, the bad and the ugly. Find out if the franchisor meets their obligations.