How Do I Choose the Right Franchise? | VetFran

If you think deciding to go into franchising is the hardest part, think again! Sometimes the hardest part actually lies in choosing the right franchise for you.

But there are certain steps you can take to help make the decision a little easier. Our team at VetFran suggests beginning with these questions:

What Are Your Priorities?

Think about it like this—when you’re buying a house or a car, you generally know exactly what items are essential for you. You want to do the same to thoughtfully select a franchise. Think through your wants and needs and determine what’s essential.

For example, do you want to work in a business that has a lot of involvement with its customers? Are you wanting to start off with a big franchise, or are you looking to start small and grow from there?

In addition, where does your passion lie? Do you like to work with food, or would you rather do something in retail or even health care? You want to make sure the franchising industry you are going into would have been one you would have started yourself.

What Is Your Budget?

When it comes to big (and even some small) purchases, a budget matters. You wouldn’t just go and buy a home without seeing if it fit your budget first, right? Right!

The same holds true for buying a franchise. Not only do you want to make sure it hits most of your wants, but it also needs to reasonably fit into your budget.

Think beyond your own pocketbook and also look into obtaining financing to help boost your franchise ownership goals.

What Is Your Research Telling You?

When you are narrowing down a list to determine the right franchise, you want to make sure you do your research. Is there a market to support your franchise should you choose to go with a certain one?

Do you have the right location? Is there a need? You want to make sure where you are opening a franchise is a place where one is needed!

Take a deep dive into the documentation provided to you by potential franchise organizations, including the franchise disclosure document. You may also find it helpful to speak with other franchisees within the franchise to gather their thoughts on working with the organization.

Are you ready to make the move from the military into franchising? Our team at VetFran helps provide tools for veterans looking to step into franchising. Reach out to us today!