One of the up sides of a down economy is that many people who do lose their jobs are handed a severance package that if used wisely can help them begin a new career, or business.
One of the segments in the marketplace that everyone should consider is the franchise sector. Many companies have made their franchise packages more appealing and with land values and properties decreasing in value this could be a good time to don a white paper hat with a red logo.
Allbusiness.com has recently published one of the most comprehensive franchise guides I have ever read, the AllBusiness AllStar Franchise report. Also, there are great articles on individual companies that offer insight into the do’s and don’ts of franchising.
But you don’t have to be unemployed to consider franchising. If you are struggling in the single unit market but have decided the business is a place you want to stay, consider selling your current property and flipping the revenue into a franchise. Another alternative is to pursue the franchise opportunity now, while you have a seemingly successful restaurant.
Although franchising isn’t for everyone many companies offer tremendous training, support and guidance to set you in the right direction.
Here are ten questions to consider when searching for that perfect franchise:
1).What is your long-term culinary goal?
2). Analyze your capitalization capabilities –franchises begin as reasonably as $25,000.00. How much can you afford to spend?
3). Location – do you want to relocate or are you looking for something in your geographic vicinity?
4). Will you be purchasing a single unit or do you contemplate multi unit operation?
5). Will you be working the location full or part time.
6). How important is management and operational support? Some franchises offer more support than others.
7). Are you a completely creative person?
8). Do you work well within a structured environment?
9). What segment of the food business do you most enjoy?
10). Have you researched every possible franchise in your investment category?