Talk on the Street
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Talk on the Street
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With an overwhelming number of businesses to choose from, picking the right franchise can be daunting. Here’s some advice from experts All State Franchise Finders.
Franchising is one of the most popular business models in the United States. Across a wide range of industries, with a variety of financing options and great business potential, many people of all ages, both male and female, are turning to franchising in order to gain greater job security, reach financial goals and create their ideal lifestyle.
According to franchising expert Derek Cafferata, CEO and President of All State Franchise Finders, franchising is one of the best business models you could choose when wanting to be in business for yourself. However, he does warn that franchising requires careful due diligence and knowledge to ensure you pick the right franchise to suit.
“One of the most exciting parts about my role is that I am able to help people work through the daunting process of franchise selection, financing and set-up,” says Derek. “And what’s even more exciting is the variety of different people I get the privilege of being able to work with.”
Traditionally, franchising was seen as something only wealthy business people ventured into. However, that tradition is quickly changing.
All State Franchise Finders are seeing an increasing number of Millennials, and in particular, females, moving into franchising. “Whether it’s for personal, family, financial or lifestyle reasons, we’re seeing more and more women in their 20s, 30s and 40s choosing to become franchisees,” says Derek.
So, how does one choose the right franchise from the literally hundreds of franchises available, across a wide range of industries? Derek believes there are three main points to consider when selecting which franchise to choose.
The most important thing to consider when choosing the right franchise business, according to Derek, is to identify your personal goals.
“Is it financial, lifestyle, independence or career driven?” says Derek. “Identify what goals you are trying to achieve by buying into a franchise.” Consider how much involvement you want in the business. Some franchisees want to buy a franchise to create a full-time job for themselves, while others aim to be hands-off, preferring to put a day-to-day manager in place.
Some franchisees are looking to create more flexibility in their job, while others are looking for greater control and independence over their career and future. Some are looking at a franchise as a step toward early retirement, while others are looking to create a secure and profitable career for the next three decades.
Whatever the goals, be sure to understand what you want to achieve by buying a franchise.
Not all franchises are structured in the same way and, depending on your particular financial position, the seemingly ideal franchise may not be so ideal in the end.
“Purchase price, royalty fees, personal financial position and financing options can affect which franchises will best suit a particular candidate,” says Derek. “These questions are best answered early on in the franchise selection process to avoid disappointment later down the track.”
Predicted Growth Industries
According to Derek, one of the most common mistakes potential franchisees make is to assume they need to choose a franchise in an industry that they have previous experience in. However, this is not necessarily a requirement.
“I find Millennials are great at understanding this concept,” says Derek. “They are generally more willing to branch out into an industry they have no prior experience in, simply because they believe it is a growth industry and less influenced by economic changes.”
Growth industries like aged care, education and quick service restaurants offering healthy options are some of the fastest growing franchise industries. They are also relatively recession-proof.
And because the franchise business model already offers franchisees tried and proven business systems, industry experience is not of vital importance when choosing the right franchise.
Utilize Franchise Industry Experts
Virtually every franchise owner, business person or entrepreneur would recommend utilizing the knowledge and experience of a franchise industry expert when you are choosing the right franchise.
Derek and his team at All State Franchise Finders have more than 30 years’ experience in the franchising industry, helping a huge number of people navigate their way through the in-depth and daunting task of franchise selection, purchase and setup.
With such a significant decision to be made, it is easy to see why many potential franchisees choose to rely on franchising experts like All State Franchise Finders. For more information about All State Franchise Finders contact 1-800-544-2161 or visit allstateff.com today.