One of the things I love about my role as Head of Recruitment at DC Strategy is that I get to work with a lot of amazing franchise brands. I get to experience the different cultures, attitudes, structures and systems that each team has developed. I also get to meet a lot of different potential franchisees, each one bringing their own set of goals and motivations to a franchise.
I get asked a lot of questions like "Which is the best franchise?" or "Which franchise would you buy?"
The formula is simple. The biggest factor of success in franchising is that a franchise aligns with your values, passion, skills, lifestyle. The answer however, depends on you personally, so it’s a bit harder to calculate.
Here are the five factors to choosing the right franchise.
This is the best place to start as it goes straight to the core of a business. You want to join a franchise network with a set of values that align with your own. Values can make or break your success in franchising.
Owning your own business should be rewarding - and not just financially! With so many franchise options out there, make sure that you are joining an industry that you can be truly passionate about.
While you will bring your own skills to a franchise, the Franchisor should also provide you with the right level of support. Franchise opportunities each provide a different level of support. Are you looking for a business with a large support network where you can solely focus on your business? Or do you want a high level of autonomy? Make sure that you are joining a franchise network that can provide the right amount of support, or flexibility that you want.
It’s very important to take into account the type of life you want to live. Are you looking for a business that you will own and operate, or are you an investor who will manage the business for afar? Even more importantly, what type of hours do you want to work? Monday to Friday, weekends, late nights. Take into account your lifestyle and choose a franchise that will allow you the freedom to live the life you want.
Of course, there are some must-have, non-negotiable elements that you should look for in a franchise system:
- A proven and profitable system (ask them to show you the proof with historical financial data)
- Support and dedication from the head office team
- A desirable brand with great marketing
Knowing which franchise to buy, is the hardest part of the equation to solve. It really comes down to knowing yourself, your skills and your passions. Speaking to a Franchise Recruiter can help you to narrow down what you’re looking for, and provide franchise options that are best suited to you.
Here are seven examples of fantastic Franchise Brands that meet the must-have, non-negotiable elements of a great franchise:
Interested in these franchises, or want to hear more about what DCS can offer you? Book a call with me today!
James Young | Head of Recruitment