You can go about choosing the best retail franchise opportunity by choosing to work with a company that you personally enjoy, that offers products you are excited about, and that offers a high income potential for new franchise owners. To find this type of store, make a list of your favorite places to shop and begin by speaking with owners or high-level managers. You can also find a listing of franchise opportunities online by using franchise targeted sites.
As you make your list of options, check the website of your favorite retailers to see if they offer franchise opportunities. There is generally a link that says “business opportunities” or “franchises” if the company offers the option to franchise. If you don’t find anything, but believe they may still offer a retail franchise opportunity, send them an email or give them a call.
When narrowing down your options, consider the products a particular retail franchise opportunity would require you to sell. Do you believe in them? Have you used them personally? You should also consider whether or not you are knowledgeable about the products or the industry. For example, if you have worked with cars and other vehicles most of your career, you may fare better owning a car supply franchise than one that sells cosmetics.
Your budget may also play a large role in the retail franchise opportunity you can take advantage of. As you speak with potential companies, ask about the typical fees and start-up costs associated with starting a franchise with them. Although most franchises require a sum to get started along with additional fees based on revenue or a monthly fee schedule, there may be a big difference in what one franchise will cost over another. If you intend to take out a loan to cover your expenses, find out how much you are approved for before you begin looking for franchise opportunities.
Consider how well the parent company offering each franchise is doing in the marketplace, as well as how long they have been around. An older, more established, company may earn greater profits if the market is not oversaturated in your area. On the other hand, a younger and more innovative company may be the way to go if you live in an area that is flooded with various retailers.
You should also consider each option’s ethical and moral standards to find out if they mesh with your own. Although a particular retail franchise opportunity may make good business sense, you may not be able to deal with practices you are against. For example, if the main suppliers of a company has a history of testing products on animals, you may wish to choose a company who does not work with such suppliers.
