We’ve talked before about the merits of opening a franchise. The problem is that once you commit to the idea of franchising, you still have hundreds of businesses to choose from! Let’s take a look at the steps you can take to narrow down your options so you end up picking the right franchise for you.
Assess Your Skills and Interests
Before looking for external inspiration, do a little bit of internal evaluation. What kinds of industries have you worked in before? For example, have you spent any time working in the food industry? Do you have a background in retail and customer service? While opening a franchise is a great way to learn the ropes of an industry using a tried-and-tested business model, utilizing your skills can contribute to your overall success.
Though it can be overwhelming at first, one of the great things about having so many franchises to choose from is that you can open a business that genuinely interests you. How can you apply your skillset to a niche that sparks your passion? This is your chance to create the role you’ve always dreamed of.
Do Some Market Research
There are two things you want to assess when bringing a new business to your community. The first is your consumer base. Would a substantial number of people in your community become patrons of your business? Is there a significant need or desire for the products or services you’d be providing?
The second is your competition. Is someone else already fulfilling that need and desire? If the market is oversaturated with similar businesses and your community members are satisfied with their current options, you may want to keep looking. The goal is to find a franchise that will gain momentum quickly because it meets a need and fills a void.
Consider Your Financing Options
Unsurprisingly, the cost to open a franchise varies quite a bit depending on the franchise you choose. Generally speaking, startup costs will need to cover things like:
- Initial franchise fees
- Business insurance
- Commercial property rent
- Marketing expenses
- Payroll and benefits for employees
It’s often helpful to consult with a financial advisor to determine how much you can realistically spend to start a franchise. At ADU, we believe that opening a franchise shouldn’t be inaccessible. Our franchise fee is $49,500 and additional startup costs range between $50,000 and $100,000.
Pick a Business Model That Works
Finally, it’s important that you learn more about the success of a franchise before you invest in it. It’s easy to assume that popular or well-known franchises consistently have a high rate of success, but this isn’t always the case.
All Dogs Unleashed is the fastest-growing dog training franchise for a reason. We have combined our love of dogs with high-quality services that owners really need, from at-home training sessions to boarding and grooming. If you’re looking for your next endeavor, learn more about what ADU has to offer.