Looking for a business opportunity can be overwhelming, particularly if you are open-minded and enthusiastic about finding something that will build you a new, profitable future.

So how do you approach this? You might have started looking at all kinds of franchises – and probably some you would never have thought of as business opportunities.

The first question has to be, which industry best resonates with you? Operating a food franchise brings a whole different lifestyle from running a home services business. What kind of industry can you see yourself working in for several years, initially every day?

When you’ve whittled it down to the sectors that offer the best match with your interests and personality, price will be a key consideration.

It then helps to trim this down to a handful of brands, and the best way to do this is to consider whether you could operate the business for several years.

Do you really see yourself operating any of those businesses for a period of years?

Ask yourself these questions

On the business:

Does the business present well to you as a consumer?

What is the brand’s competitive advantage?

How is this brand portrayed in the media and on social platforms?

Is there a clear vision and growth plan?

What is the quality of the management and leadership team?

What are the brand’s investment priorities?

Does it have a good, solid growth history?

On operations:

Has this business proven its ability to operate in multiple regions?

Does the brand operate company-owned sites?

If this is a territory-based business, is a territory exclusive?

How well developed are the management information systems?

How reliable is the supply chain?

Does the business operate an e-commerce site?

Is there plenty of support for business development?

On franchisees:

Are current franchisees profitable?

Is there strong two-way communication between the franchisor and franchisees?

Are there more than a few disgruntled franchisees in the network?

How good is the induction and training program if you are new to the industry?

Can franchisees scale their business through multi-unit ownership?

What are the expectations for franchisees regarding social media content?