There are so many great franchises for sale these days that it’s hard to know where to start when it comes to choosing the one that best meets your needs and will enable you to achieve your goals. That’s why Entrepreneur magazine’s annual lists of the Top “Everything Franchise” are always such a great read!
While Entrepreneur is very careful to mention that its rankings are “not intended to endorse, promote or recommend any particular franchise company,” its annual “Franchise 500®” and other associated line-ups can be an important component of any ambitious and aspiring or existing entrepreneur’s search for just the right opportunity. Of course, it’s critical to avail yourself of a number of other key resources as well before you make the decision to go into business for yourself, not the least of which would be your lawyer or accountant. Additionally, franchises are now required to provide you with full Franchise Disclosure Documents (FDDs), which will provide you with the most important information you need to know before you launch your new enterprise.
Perhaps most importantly, you should also make it an absolute priority to talk with other franchisees about their experiences. There is really no better gauge of what the future holds for you than being able to view it through the eyes of someone who has already lived it. Besides, franchisees who have “been there, done that” and done it successfully make great mentors, and no one in their right mind should ever go into business—especially for the first time—without at least one of those!
Each and every company that makes any one of Entrepreneur’s annual “Top” lists, regardless of its kind or size, is judged on the same objective and quantifiable measures, including financial strength and stability, growth rate and size of the system. Other factors such as the length of time a company has been in business, how long it has been franchising its operations, startup costs, litigation issues, terminations and financing options also come into play.
How about you? What are you looking for in a home-based or other small franchise opportunity? What are the criteria that you think matter most? Why? We’d like to hear what you have to say…