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Becoming a franchise owner and running a business as their own boss is a lifelong goal for many people. All it takes is some guidance and knowing which questions to ask to get started and learn what is the best franchise to buy.
Beginning with these kinds of questions can help narrow the field, filter brand options, and point potential owners toward the best franchise to buy.
Every potential owner has their own wants and needs, but most want to connect with a brand well-positioned for the future. So, how do you find the right brand when getting started without familiarity with the business?
It helps to begin by taking a step back and looking at the big picture. Which industries have a history of growth and are expected to see more in the future, and which brands within those industries have a reputation for quality and forward movement?
Start with the industry. Review past and projected performances to see which field has an expanding market and room for more growth in the years ahead — look for a reliable industry like the assisted-living market, which has been on a steady climb for decades and is expected to continue growing.
Once the future owner has identified the industry that interests them, they can look into the brands within the industry. Pay close attention to reputation, owner and customer testimonials, and other distinguishing features that can highlight the best franchise to buy.
After doing due diligence on the industry and finding the one that best suits them, the prospective owner can get into the details of costs. Cost review is one of the most crucial moments in the search for the best franchise to buy and can play a significant role in the final brand selection.
Every industry and brand has different investment requirements, but there are some costs that a new owner can expect to encounter that are common to almost every field.
The best resource to learn about a brand’s investment requirements is usually its Franchise Disclosure Document. This document lays out the franchise’s and owner's obligations, lists costs and projected income, and can be an intelligent way to understand potential expenses quickly.
Typical costs include:
The disclosure document should also lay out the owner’s minimum financial baseline. Get details on the brand’s owner-candidate liquidity and net worth requirements to narrow the field and identify the best franchise to buy.
One of the primary concerns of new franchise owners often concerns industry knowledge. Investing in an industry with growth potential can make good business sense, but jumping into a franchise without industry experience can be intimidating to a new owner.
So, how much does an owner need to know about the field before making a move and joining a brand? And what can the franchise do to help them along?
Every industry has its own standards and expectations — for example, running a restaurant takes specialized knowledge and experience and might place higher demands on owner knowledge.
That’s not the case for all fields, though. Look for a brand with the expertise, training, and experience already in place and ready to work with owners of all knowledge levels and backgrounds to connect with the best franchise to buy.
Whether an owner starts with little experience or a deep industry background, there will come a moment in the onboarding process when they open their doors and begin serving their clients. They’ll be at the front lines of the business, and they must know they’re never alone.
That’s where the best franchise to buy can stand out from other brands. Having robust and comprehensive franchise support can be an invaluable tool for owners and help them face any issue confidently.
Take a close look at each brand’s support policies. What do they provide the owner, and how far do their assistance obligations go?
That support should begin the moment a prospective owner contacts the franchise and should continue after the doors open for business. The brand can help with training, hiring staff, marketing, branding, and other concerns affecting the owner.
Creating an owner-centered franchise is a daily mission for us at Assisted Living Locators, and it’s helped make us industry leaders.
We’ve developed a reputation for delivering ethical, honest, trustworthy support to our clients, and we’ve structured our franchise to keep investment costs within reach of as many future owners as possible. We pair that approach with deep industry knowledge, a dedication to supporting our owners, and a community spirit.
At Assisted Living Locators, we’re preparing to expand again, and we’re looking for potential owners to join us as we grow.
Want to learn more? Let’s start a conversation today!
Angela Olea is a visionary and accomplished business leader in the senior care industry. She is a respected authority on franchising, elder care and senior placement, serving as a guest speaker at state and national aging conferences. In 2019, Angela received the honor of Top 50 Most Influential Women's in Arizona and the Visionary Award from Az Business Magazine.
