So you want to be a franchisee? Here are six basic tips to getting started:
- Follow your passions: If you dislike food service, avoid restaurant franchises. If your joys revolve around cars, an automotive franchise will be your best bet.
Aziz Hashim, a successful franchisee of at least three dozen restaurants across the country, worked at a fast-food restaurant to help him pay for college. When he graduated and entered his field of mechanical engineering, he realized his heart was in the restaurant world, he said in an interview with Entrepreneur.
“I realized within a few short weeks of being employed as an electrical engineer that it wasn’t for me. I much preferred the restaurant environment. Within 90 days of getting that job, I tendered my resignation and decided I was going to try to find my way in the restaurant business.”
- Ensure your franchisor is on an upward trajectory. One way to do that is to determine whether they are highly regarded, and included, for instance, in Entrepreneur and Forbes lists of fastest-growing franchises.
- Make sure your franchise is in a market that offers both demand and growth.
- Make sure your franchise will be supported by the franchisor in ways that leverage the collective power franchises offer, such as group ad buys and marketing.
As WineStyles Tasting Station CEO Bryan McGinness told Business News Daily:
“… a potential franchisee should be very clear on what the franchisor expects of him or her, and vice versa. ‘Make sure it’s a good fit for both parties,’ McGinness said. ‘It’s easy to sign franchisees and take their royalty money. What happens after is what matters. Make this a long-term partnership and a win-win [situation].’ “
- Low overhead is a key to profit; make sure your investment is sustainable and doesn’t cost too much up front.
- Do research and exercise due diligence to ensure franchise fees are reasonable and attainable.
At Tint World®, we offer a variety of franchise programs for entrepreneurs interested in taking control of their life and owning their own business. Whether you’re interested in automotive styling or just want to invest in a niche market where profit can be made, we have the system for you.
