Researching a franchise properly is an important part of choosing the right franchising partner. This decision cannot be taken lightly and should never be rushed. There are a lot of resources available, both online and off, to anyone who wants to own their own business; so use it!
our 5 franchise research tips
Below, are a few tips on how to begin researching a franchise.
1. research online first
Most franchisors post information about their franchise opportunities online. By exploring your options and comparing different franchises for sale side by side, you can gain a better understanding of what opportunities are available today and which ones are best for you.
2. ask questions
As you’re comparing options, it’s a good idea to write down all of your questions and get clear answers from the franchisors. If you have any doubts, it’s always best to ask rather than assume.
Important questions could include:
- What franchise organizations are they a member of?
- What is the initial and ongoing fee structure?
- What startup support do they offer?
- What kind of training and resources will they provide to me?
- Is their industry and brand profitable?
3. use the right resources
There are a slew of helpful franchise research tools available to help you identify the best franchise opportunities in your area. Make note of local franchise expos, use online resources such as the International Franchise Association, and visit other franchisees in your area.
4. research industry trends
Even if a company was very profitable two years ago, this doesn’t necessarily mean that their franchises are still the most valuable opportunity today. By determining what industries and franchises are projected to grow with staying power, you can identify which franchises are most likely to be profitable in the coming years.
You can also time your franchise opening to market trends to ensure that your franchise is successful. As you consider franchises for sale, the franchisor should be able to provide you with this valuable market industry data.
5. consult a franchise attorney
Once you’ve gathered all of the information available on the franchises, it’s best to sit down and speak with a franchise attorney. They will be able to go over any contracts with you and break down the language into something that is meaningful and easy to understand. This is an important part of how to find a franchise that will serve you well in the long run.
why consider a VaporFi franchise?
VaporFi has plenty of great franchise opportunities available for those who want to own a franchise. If you want to work for a reputable and growing brand that will help you succeed, we invite you to find out more about our franchises.
As you research our brand and opportunities, don’t forget to write down any questions you have and then contact us. We would love to help you with your research process, and we will make sure you get all of your questions answered.