Ask the Expert:

How Can I Maximize My Chances for Franchising Success?

MODERATED BY JOHN WALSH

Q: What are some things I can do to maximize my franchising success?
A: Maximizing your franchising success is all about being well informed. By doing your homework on each company you are considering, you can better find one that fits your needs.

Q: What is the first step to finding a franchise that is a good fit for me?
A: First, you should ask yourself questions about your interests and preferences to narrow down your franchise choices. Would you like to own a restaurant, or would you prefer a retail store? What hours do people who work in the franchises that interest you work? Do these hours give you enough free time at the right times? You are much more likely to be successful if you are genuinely excited about your company and happy to be at work each day.

Q: Is it better to choose an established company or a new one?
A: Both established companies and new ones offer good opportunities. Established companies tend to have more built-in name recognition than newer companies but their big growth spurts may have already passed. Newer companies are exciting because there is huge potential for expansion and the products may be more unique, but there may be a greater chance of failing than well-established companies.

Q: What should I do once I have my franchising choices narrowed down to one or two businesses?
A: Now you are ready to start asking lots and lots of questions. Start with the franchisors, and then talk to the franchisees who are doing what you will do. Find out what their day-to-day responsibilities entail, how much autonomy they have in making decisions for their franchises, and how happy they are with the support they receive from the franchisors.

Q: What if the franchisees all have the same gripes about the company?
A: You should talk to the company about the concerns you heard from the franchisors. Ask them what they are doing to address these concerns. The company should respond in a way that shows they are working to fix the problems.

Q: Are there any other things I can do to make sure that I have picked the right business?
A: It would not hurt to see if you could find a current franchisee who would allow you to come to work with him or her for a day or two. This can give you a real taste of your prospective franchising life.