What is the best franchise to buy?
If we had a dollar for every time we got asked what the best franchise to buy in Australia is, or which franchise will make me the most money, then we would be able to retire happy!
There is no such thing as the best franchise; the question should be “what is the best franchise for me”.
There are franchises that lead the way in their industry or franchises that win franchise of the year awards, and whilst they have proved themselves to be worthy leaders or winners, it doesn’t necessarily mean that they are the best franchise for you!
What is maybe the best franchise for one person, may not be the best franchise for another. For example, one person might be very successful running a McDonalds franchise, considered by many as the biggest franchise in the world, and whilst for them it is the right franchise, for others it may not be and they would struggle to make it a success.
Remember, everyone is different, and so it makes sense that not everyone is suited to the same franchise.
The success of a franchise is down to the franchisees, which is why good franchisors will carefully select those franchisees that they believe would be beneficial to their network. Equally, you as a prospective franchise owner should make sure that you do thorough research and are careful when selecting a franchise to make sure that you find the best franchise for you.
In order to do this you should look at:
- What you like doing – there is no point in buying a franchise that you do not enjoy working in, list what you like doing and then keep the list in mind when reading about opportunities and what they entail.
- What your strengths and weaknesses are – again list these out and use the information when doing your due diligence. E.g. if you are not good at managing then a franchise that employs staff may not be suitable for you. Use your strengths to your advantage when buying a franchise.
- What type of environment you want to work in e.g. work alone or in a team, or in retail talking face-to-face with customers or working in an office environment.
- Which industries interest you e.g. food, bakery, children, pets, recruitment, estate agency etc. Also look at whether you want to try something new, or get into an industry in which you have experience. Remember most franchisors will train you in all aspects of their business and so no experience is necessary.
- How much money you have to invest – what you can afford will help determine the type of franchise you can buy e.g. if you do not have much money then you should rule out by a retail franchise.
- If you want to start a franchise from scratch or buy into an existing franchise. Also look at whether you wish to buy into an established franchise brand or one that is new.
- Which location would suit you – are you able to travel or would like to work closer to home
Answering these questions will help you to gain a better understand of the franchise that may be right for you. Remember there is no such thing as the best franchise.