So you’re in the market to buy a franchise. There are so many to choose from, all vying for your partnership with their gleaming model and system. So which is the best one to buy? 

There are a few things that make a great franchise system.

You’re in business to make money, right, so of course a franchise that brings in a profit is a great starting point, but there are a few more aspects that fit the bill too. A model that offers the right return on investment (ROI) is essential. The market’s potential together with the brand’s reputation is a good indicator of its potential as a franchise. And finally the level of support and lifestyle offered is a dealmaker.

The lot?

If we take a clinical approach to the above features of a great system, then the best one would have each and every one of them within the model, right?

But there is no universal formula for which franchise is the best for you. That’s because a key variable is you!

Think about ROI – your requirements will be different from another franchise buyer.

While some franchisees consider network support essential for their daily tasks, others like less of an iron fist from the network so they can work with the local community to market themselves. And some prefer a model that allows them a work life balance.

Here are a few tips that can help you find the right one for you.

• Be honest with yourself: a realistic purchase within your financial capacity can more profitable than chasing profit in a pricey franchise. Make sure you can fund the capital investment franchise you choose. You don’t want to blow the budget.
• Speak to existing franchisees: if the franchisor is telling you profit is guaranteed and the ROI is exponential, speak to franchisees on the ground and hear it from them. They will have firsthand insight into the challenges and benefits of buying a franchise with your selected brand. The franchisor should provide you the contact details to get in touch with them.
• Are you in love? Passion and motivation are important pieces of this puzzle. Selecting a franchise attuned to your interests and skills can play a big part in leveraging success as a franchisee. You don’t want to find yourself disillusioned by the brand or system after a period of time, so make sure you’re excited!
• Learn more: it’s imperative to seek advice from legal and financial professionals that specialise in franchising. Experts can explain the franchise terms to help you understand if the brand and model is right for you. Yes, this may cost in the short term, but not as much as a mismatched franchise model could down the track.

What to keep your eyes peeled for in a functional franchise system

• Network management and support
• Business planning and system development
• Organisational structures and personnel
• Policies, procedures and legals
• Public relations and communications / marketing and promotions

So the ideal franchise depends on what you consider important, after you’ve done some solid research and considered all of the options.

Of course, there are no guarantees in business – even in franchising – and the amount of effort and hard work you put into your franchise will have a big impact on its success.