What’s the Best Franchise to Own? That’s a very common question because everyone wants to pick a successful brand to own that will be profitable and enjoyable. That means different things to different people. Franchises are like ice cream, there is more than just one flavor, so everyone can choose their favorite one. By Alesia Visconti
Dear Alesia,
Wow! There are a lot of franchise brands out there! What’s the best franchise to own these days? Asking for a friend (wink, wink)!
– Bill in Atlanta
What’s the Best Franchise to Own? That’s a very common question because everyone wants to pick a successful brand to own that will be profitable and enjoyable. That means different things to different people. Franchises are like ice cream, there is more than just one flavor, so everyone can choose their favorite one. By Alesia Visconti
Hello Bill in Atlanta,
That’s a very common question because everyone wants to pick a successful brand to own that will be profitable and enjoyable. That means different things to different people. Franchises are like ice cream, there is more than just one flavor, so everyone can choose their favorite one.
The perfect franchise for one person may not be the right fit for another. Many factors come into play when owning a franchise: investment level, business model, scalability, and even the owner’s involvement with the franchise. Of course, there are other considerations: business type (service or retail, home-based or brick-and-mortar) and staff size (large or none at all) – just to name a few.
A mistake some potential owners make is asking their friends and family for ideas on what franchises they should own. While we value our friends’ and family’s opinions, what Aunt Suzie likes isn’t necessarily going to be the best brand for you. While popular brands certainly can be considered, knowing the details of the brand will help more in terms of selection. It’s important to remember that friends and family are not the ones who are going to own and run the business – thus, some soul searching and deep dives into one’s own preferences will serve best.
Thinking about what’s most important to you in franchise ownership is a wise investment of your time. Really thinking about what would make you happy as an owner, visualizing a day in the life of your new experience and spending time thinking about what you don’t want are all going to help you narrow down brands. Answering questions honestly can help to flesh out the right brand for you. It may be a well-known brand, but then again, it may not be. Some people like the tried-and-true brands, while others find the excitement of being in on the ground floor much more appealing.
A free service that can help you sort through the choices is that of a Certified Franchise Consultant. Their job is to help you research brands so you can ultimately select the one that fits your needs and goals best. They have access to and knowledge of several hundred brands, and they can save you an enormous amount of time – and frustration!
For more information on finding a Certified Franchise Consultant or owning a franchise, visit franserve.com.
– Alesia Visconti
Alesia Visconti, CFC, is the CEO/Publisher of Franchise Dictionary Magazine and the CEO of FranServe Inc., the world’s largest franchise consulting and expansion organization. She has 20 years of experience as a C-level executive, driving organizational development and taking companies to the next level. An author, professional speaker, and entrepreneur, her motto in life is “Work hard, play hard, help others, repeat.” A self-proclaimed nerd, Alesia loves all things “superhero.”