Posted by:Admin / June 6, 2019
When aspiring entrepreneurs are researching their business options, they have three choices: 1) start a business from scratch, 2) buy an existing business, or 3) buy a franchise. Of these choices, a franchise is commonly considered the least risky of the three.
Why are franchises so alluring? Because, franchisees are usually buying into an existing brand where all of the systems and processes have already been figured out by the franchisor, who is continuously looking to perfect their franchise model.
The general perception about franchising is “less risk=more reward” and many businesses and franchise experts share this common belief. So, if you decided to go with option 3, “buy a franchise,” you’ve already gotten started. You’ve done enough research to conclude that a franchise is ideal. Now the question is, which franchise is right for you?
Finding the Right Fit
There are several things to consider before selecting the best franchise for you, such as the capital required, the amount of time involved in a given franchise model, your industry experience (if applicable), travel requirements, brand recognition, and what a day in the life of a franchisee looks like. But before you compare franchise models, you’ll want to ask yourself these questions:
- How much capital do I have to invest? If I don’t have it, can I get it?
- What are my funding options?
- How much time do I have to dedicate to the franchise?
- Will I be quitting my job or working both?
- How long will it take for me to recoup my investment?
- What industry do I have experience in?
- Can I choose a model that I do not have experience in?
- What do I enjoy? What do I dream about doing when I’m at work?
- Is there a brand or franchise model that I already love?
- Which franchise model would motivate me every day?
- Where do I want to spend my time every day?
- Do I want a franchise that makes a difference, that impacts the community?
Before settling on a franchise opportunity, it’s very important to know yourself, your values, and what you stand for. It may sound cliché, but in franchising it’s true: If you can find a franchise opportunity you love, it won’t feel much like work. After all, what’s the point of leaving the corporate world if you don’t select a franchise that inspires and motivates you to work on the business every day?
When you know the answers to the above questions, it will be a lot easier to find the franchise that fits you perfectly. Our advice is to establish your own criteria and once you understand your budget, set your sights on finding a franchise that accommodates you and the lifestyle you’re looking for.
Four Things to Consider
When sorting through the various franchise opportunities on the market, there are four things you’ll want to consider:
- Location: Where do you want your franchise to be? Are there territories available in your chosen market?
- Investment: How much will you be able to invest? $25,000 to $50,000? Over $50,000?
- Industry: There are literally dozens of industries to choose from, including food franchises, gyms, children’s franchises, salon franchises, real estate franchises, vending machine opportunities, tutoring franchises, etc. Which industry appeals to you?
- Popularity: Are you looking for a franchise with a solid brand name? One that is nationally or even globally recognized? Do you want one that has been voted “best franchise” or that has won notable awards? Or, are you okay with a low-cost or new franchise that is still proving itself?
Are You Thinking About a Tutoring Franchise?
If you’re thinking about a tutoring franchise but haven’t decided on a specific model, we’ll tell you a little about Tutor Doctorand what makes us different. We are an in-home tutoring business with a strong global reputation.
Not only do we have a 95 percent recommendation rate, we have been featured in The Wall Street Journal, Forbes, and on CBC, ABC, NBC, and Fox News. In the UK, we ranked #6 on Britain’s Elite Franchise 100 list, and we won the British Franchise Association’s 2018 innovation award for virtual tutoring – and that’s only the beginning!
To hear what our franchisees have to say about Tutor Doctor, check out these testimonials. And, if you’re interested in learning more about our franchise opportunity, which offers schedule flexibility and the ability to work from home, contact us today!