If you’re interested in purchasing a franchise, you’ve probably googled “franchise opportunities” at least once. This will deliver a variety of websites that do give information regarding many available franchises, but stopping your search there is like selecting a book from the bargain bin sitting outside the bookstore without going inside to browse the shelves. You’ll leave some of the best opportunities undiscovered.
Follow Your Passions
Make a list of things you would get out of bed at the crack of dawn to do on a Saturday morning. These are things that you do because you find them enjoyable, so turning them into business opportunities would make work far more rewarding.
Now, take that list and identify as many businesses as you can which cater to some element of your selected activities. Do any of those businesses have franchise opportunities? You now have a starter list that may help you find the perfect franchise for your personality and goals.
Attend a Franchise Expo or Show
These shows are held in many large cities and allow representatives from franchise companies to present their opportunities to interested buyers. This is your chance to spend time in small groups or one-on-one with knowledgeable representatives and ask lots of questions. You can collect literature from a variety of opportunities and use it to make a final decision later. Some companies may even offer special deals to show participants willing to take action within a specified period of time.
Online Franchise Databases
There are many unknown websites operating databases today, and they aren’t always accurate, up to date or complete. Your best option is to use the online database offered by the International Franchise Association. This is the most comprehensive collection of franchise opportunities offered today, and the organization’s website also gives information regarding upcoming expos and shows.
You can also look online for lists of the best and worst franchise opportunities for the current or upcoming year. Make sure you only consider reputable publications, and don’t assume that all franchises featured are right for you. Research is still required before you make that determination.
A broker will help you find opportunities that you may not come across on your own, and they’re often skilled at matching personal and professional skills to specific franchises. They will also take a fee for their service, but most don’t collect until after you purchase your business.
With so many free resources available to discover opportunities, you may not need to pay someone for this type of help. If you want to speed up the process and get someone else’s feedback on your decision, read The Consumer’s Guide to Buying a Franchise first. This free resource is provided by the Federal Trade Commission and gives insightful tips for selecting and working with a broker. It also gives other ideas for finding franchise opportunities.