In some businesses, timing is everything. This is often true when it comes to franchising. You need to pick a franchise that’s not only hot now, but will continue to be so in the coming years. If you don’t, all your hard work could be for nothing.
The right industry
You may love vinyl records, but the franchise market for them isn’t huge, to say the least. You need to select an industry that’s either growing in terms of technology, or has the ability to do so. Remember: you’re likely to be signing a franchise agreement for five to 20 years or more, so let “growth potential” be your watchwords!
The right market
Timeliness in a franchise also depends on how well you know your market. Who is your ideal customer? What do they need right now … and what are they likely to need in the future? Research data and speak to people in your community. Then, you’ll have a pretty good idea about whether the day care center you want to open in a retirement community is a timely idea … or not.
Not sure if the franchise you have in mind is timely enough? Talk with a franchisor today to find out!