If you browse the lists of top franchises on Franchise Times, Entrepreneur Magazine or Franchise Business Review, you might be surprised that so many companies you know and do business with are franchises. The variety of industries might also come as a shock.
“Pretty much anything can be a franchise,” according to John Adams, President of FranNet of Central New York, who says that there is truly a franchise for everyone. In his work as a consultant, he has matched clients to franchises as varied as pet care, junk removal, estate sales, home improvement and education.
When Adams works with new clients who are thinking of buying a franchise, he hears the same misconception about franchising over and over. “That it’s all retail food,” he says. “That’s just not true.”
While franchising opportunities have expanded beyond fast food, the variety of available franchises can be bewildering. It’s important to find the type that is right for you. Would you prefer to sell a product or provide a service? Think about your interests, talents and transferable skills to identify industries that would be a good fit.
Your financial resources are another consideration. The initial investment for a franchise can vary widely depending on the type you are buying. Service franchises like Dale Carnegie have lower upfront costs since there is no inventory to buy. Retail operations, on the other hand, are usually more expensive because of the operating and labor costs. SBA loans, 401Ks and home equity lines of credits might be available to finance the purchase.
Once you’ve identified the perfect franchise for you, it’s time to do your homework. Adams recommends speaking to CPAs, lawyers, bankers, insurance companies and, of course, franchise employees so that you make an informed decision about the purchase. “Really understand the business,” before buying, he advises.
To start your research on Dale Carnegie franchising, go here to browse open territories and request information.