You want to find the perfect franchise, and you want to try something new. So how do you refine your options?

A big advantage to buying a franchise is that you can develop a business in a whole new industry. In many cases franchisees don’t need to be experienced in the field of work.

Magdalena Schoeman is new business development manager at Belgravia Health & Fitness. She says franchising allows you to reinvent yourself.

“You can leave the functional expertise to the franchisor and lean on their industry experience and established brand.”

She has sympathy though for would-be franchisees keen to try something new who are faced with myriad choices.

“The downside is the options can appear almost endless and that can be overwhelming.”

Ask yourself these questions to help find the perfect franchise

So how do you start to refine your options? Magdalena suggests asking yourself these questions will help you get closer to the perfect franchise for you.

1.  What are my passions?

If this is your chance to change things up, it’s best to start with some serious self-reflection.

What inspires you? What’s going to make keen to start your day, every day? Are you happiest working in a fast-paced environment? If you think this through, you can identify types of work or industries that will take you closer to your perfect franchise.

2.  What don’t I like about the work I do now?

This is equally important as the first question. What don’t you like about the work you do now? Do you dislike a lot of customer interaction? Or are you craving more people connections? Perhaps you’re seeking something more meaningful? Identifying what you don’t want to be part of your daily routine is a big step in refining your search.

3.  What is my budget?

It’s a basic but practical element of your franchise search. Clearly understanding what you can invest, and how much you are able to borrow, is crucial and a huge timesaver. Once this is clarified you won’t be wasting time looking at franchises you can’t afford.

4.  How hands-on do I want to be?

Is the perfect franchise for you a side-hustle to your current full-time job or do you want to own another business? Are you planning to be working in the business most days or will you take a step back and have a manager in place?

Thinking about how and when you want to work is important. Some franchises provide plenty of flexibility. Some franchises are weekday operations; others, like hospitality are dependent on evenings and weekend trade. What suits you best? 

5.  What are my strengths? 

Take a look at your skill set and see where these might lead you. Are you great at engaging with customers? Perhaps you have creative talents? Or do you love number crunching? Identify your best skills and use that list to help guide you.

Magdalena says “Taking some time to understand what you want out of a franchise will help narrow down the search and, hopefully, allow you to land on an option that will make you happy”.

Are your ready to read more? How can you spot a resilient franchise?