Why Choosing A Franchise Is Like Dating
Lexi Hargesheimer
Director of Communications, GeoMetrx
Finding the right franchise to invest in is a bit like trying to find the right person to start a romantic relationship with. To be able to confidently work alongside someone in business, you have to be able to trust them and their values. It also makes it easier if you have similar goals and communication styles. And like dating, it’s important for both of you to be in the right place to start a franchising relationship. If you’re interested in franchising, this article gives you some tips for how to pick your franchising partner with confidence.
Where To Look For Potential Business Partners
First, how do you even know where to look? It’s not like franchising businesses have online dating profiles that you can like or swipe on according to interest… except maybe they do. With GeoMetrx and our partners at Atlas Franchise Advisors, we work with over 750 companies ready to franchise. These 750+ companies span over the following business industries:
- Home Services
- Pet Services
- Senior Services
- Child Services
- Food and Beverage
- Automotive Services
But even then? How do you narrow it down? First, choose one or multiple industries you may be interested in. Then, you can request a free customized Franchise Opportunity Report of those industries. This free report, a $495 value, gives you demographic insights into which franchises would thrive in the metro area of your choosing.
GeoMetrx also offers free assistance in interpreting your report as a no-obligation 15 minute virtual meeting with one of our team members. During this consultation, we’ll learn more about the nuances of your franchising goals and dreams, and through this process, we’ll give you a finite number of franchise-ready companies that fit with your business aspirations. Our goal is to find you a franchise that will not only bring you financial success, but also true fulfillment in your everyday work life.
Do Your Research – Ask Questions
So you’ve narrowed down your choices, and now what? The next part of the process is doing research and getting prepared. Then, when you interview with the company, similar to playing 20 questions when dating, you’ll know what questions to ask.
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What are the company’s values, and do they line up with your own values? For example, how does this company show care and appreciation for their employees? How do they demonstrate environmental consciousness? What policies do they have that support equitable and inclusive business practices?
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What is the company’s communication style? Are they able to be upfront and clear in their expectations of a franchisee? If there were to be an issue under your management, is the company able to respond and give support within a certain time frame?
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Is the company in the right place to be searching for a franchisee partnership? Is the company financially and structurally able to give you the amount of support and resources that you’re looking for? Will you be able to thrive together through mutual success?
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How much independence will this company grant you? What is this company’s management style? Will they have more of a micromanaging presence where they want to be checking on you fairly consistently? Or will they take a more hands-off approach to give you more freedom to run your business more on your terms?
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Will you and the company be reaching for the same goals? Obviously, making money will be priority #1 for both of you. But, more than that, if you also have the goal of pursuing more education about a certain industry or doing more trainings to acquire more skills, will this company fully support and encourage that?
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After meeting with the owners of the company, do you feel you can trust them with your money and your success? Are they answering your questions fully and honestly or are they giving you more vague, political answers? Are they giving you any reason to be skeptical? What is this company’s reputation?
Just like dating, the franchise you choose becomes your future, so do your research, be prepared, and don’t be afraid to ask these tough questions. You got this!
Learn More With GeoMetrx
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