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Whether you are already a business owner or you're an employee looking to become your own boss, franchising offers exciting opportunities to run your own business with the backing and recognition of a large brand and the products, marketing and support that come with it.
There are franchise businesses in just about every industry sector imaginable. Here are our top five tips for choosing the right industry sector for you.
1. Prioritize your personal and professional aspirations.
You will need to consider what is important to you in a new business venture. Do you need to stay at a fixed location close to home, or are you open to travelling? Do you need to work set hours, or can you be flexible? Will this business be your only source of income or a side job?
2. Choose a sector that you are passionate about.
Although it can be tempting to focus your attention on up-and-coming industry sectors that look like they will become highly profitable, it is more important that you choose a business in a sector that you are passionate about as it will take up a lot of your time and money, especially when you are starting out.
3. Decide what you definitely do not want to do.
Certain industry sectors will not be suitable for you, whether it is due to negative experiences in the past, a poor fit with your skill set, or just because that particular industry does not interest you. By eliminating the industry sectors you are not going to pursue, you can narrow down the field of potential candidates.
4. Be realistic.
Just because you are joining a franchise instead of launching a new business from scratch, you are not guaranteed success. Succeeding in franchising takes time, effort and money, and you should always consider the best and worst case scenario when preparing your business case. Make sure you know how much money you have to invest in the business and understand your options for securing extra funds if it becomes necessary.
5. Consider whether your chosen business has a place in your community.
You do not want to be another coffee shop joining a saturated market in a thriving area as this is unlikely to lead to business success. Instead, consider what your local community needs and whether your new business can deliver a service or solution to this shortfall. By being the first business in your local area to address this need, you are more likely to become profitable.
These tips should help you identify your ideal franchise sector. From here, you will need to examine the financial details and commitments of businesses within that sector to identify your perfect career choice.