Franchise Selection

People use lots of criteria for selecting a business opportunity. Unfortunately, many of them are wrong or irrelevant. The fact that a friend has enjoyed success in a particular business is not an indicator of what your success could be. Neither is the fact that a franchise is currently "hot."

Your ultimate success, financially and emotionally, is going to depend largely on how that business opportunity provides what you need.

Business Model

Your business model, created by you with the help of your FranNet consultant, will be your guide to finding that right business. It will take some time and some thought, but the business model will enable your consultant to recommend specific franchise opportunities that have the best chance of providing those things that you have determined to be critical.

Business Goals

This is an itemization of what you want to gain or change in your personal, professional and financial circumstances by being independent in your own business. These are “must fix” items and are the primary motivators behind your desire to become independent. Frequently mentioned items include such things as sense of control, more personal time, personal satisfaction, etc. Overall, this is your list and requires and deserves a lot of thought.

Business Preferences

These items describe your role in the business, how it should look, how it should operate, its structure, its potential for growth, etc. These should match up well with the skills you bring to the business, your personality and your interests. Some items in this list might be when the business is open, how many employees you would want, whether it is a retail or a service business, who you would like your customer to be (general public, other businesses), etc.

Begin thinking about your own personal business preferences. This will help you to identify how various businesses will fit your personal management style. While business goals tend to be universal, business preferences tend to be very personal. What’s important to you in owning a business?

Remember, the business model should be THE guide that your FranNet consultant uses to select and recommend franchises for you to investigate. The business model also should guide you in determining if a particular franchise really provides what you want.

Do a great job in building the model and then...

...DON’T SETTLE! This is a huge decision. Make your business model thorough and accurate, then use it!

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