Things to Consider When Selecting A Franchise or Business Opportunity
When considering any large purchase it’s practical and wise to ask some hard questions and find good answers. This sage advise applies to selecting a franchise or business opportunity. Here are some important considerations to get you started.
Depending on the type of business you are considering it would be good to do some research on the competition. It is true that more than one store, on many corners, sells bread and does well. So it’s not about whether there is competition or not, it’s about the strength of the competition. Do they have a foothold in their area? Are they really meeting the needs of the community they serve. Do they really serve the same niche as the business you are considering. How will your business be different? Is there still a need for the product or service you are considering selling? Doing this type of research will take some time and effort but it will payoff big in the long run.
Here are some good questions… Does the franchise sell products or services that are easily available and is there a large demand for these products or services? How many competing companies sell similar products or services? Are they well-established? Do they offer a similar product at a similar or better price?”
How Well Do Your Skills Align With Those Of The Business?
As with any endeavor it is always smart to lead with your strengths. How many times have we tried to put a square peg into a round hole? Start by making a list of your strengths and what you enjoy (by asking yourself what you enjoy you will be accessing your strengths).
Do you like to talk to people, are you good at selling, does it come naturally to you or do you like to be in the kitchen? Is that where you feel the most at home? Maybe you enjoy gardening or sewing or marketing is your thing. For the sake of your own well-being and that of your future customers, be sure to stick with something you enjoy and are good at.
Think through the different tasks and skills required to operate the business you are considering. Do you see a place for your strengths and skills? If you do, will it be feasible to hire someone to take care of the other areas?
For example; if you are considering a pizza franchise and you are good with people and love to be in the kitchen but hate to do paperwork, can you hire someone to take care of that part for you? It’s so important to be brutally honest with yourself.
Does The Business Opportunity or Franchise offer training?
Besides asking the hard questions about the training and support offered by the company under consideration, be sure that your previous life skills or former training is in line with the requirements of the operations you will need to perform. Do you need to understand more about business or do you need some technical computer training to be efficient and effective?
Many successful food establishments require their owners to know every aspect of the business before they can purchase a franchise. This kind of thorough understanding creates a powerful foundation for success.
At Blue Coast Savings Consultants we are here to help you with your business every step of the way. We are delighted to learn about your growing interest in the benefits of business ownership, and would be happy to put our industry expertise to work for you.
Blue Coast Savings Consultants is not a franchise, it is a business opportunity. There are some important differences. You can learn more about these differences on our Frequently Asked Questions page.
If you are looking to start a new business this year we hope you will consider becoming a Blue Coast Savings Consultant. We offer a turn-key business opportunity much like that of a franchise except that there are no ongoing royalties to be paid and there is a low initial licensing fee. Learn more about what’s included and the investment required when you become a Blue Coast Savings Consultant.