Trying to find a good franchise opportunity can be a challenge, there are several options which can help to demystify the process; if you are able to attend #TheFranchiseShow it can help to present a huge range of franchise opportunities all under one roof. Potential investors can meet and discuss franchise opportunities informally with franchise owners and look to set a time to meet and discuss the broader detail with the franchise owners post show. If you are really looking to qualify which franchise options maybe be a viable or exciting opportunity which fits your own skill set #TheFranchiseShow is a great place to begin your search.
Here is our 5 Step plan to help you find a great franchise opportunity
Step 1: Make sure you can look to finance your franchise option without putting un due strain on your business at the start-up stage. Try to rationalise a number of similar sector specific investments costs to qualify a realistic cost of entry.
Step 2: Try to identify a successful business model which is working for other existing franchise investors. You should be able to quantify what your likely nett profit margin will be annually after your initial investment.
Step 3: Can you substantiate the business owners have a sound proposition, clearly in tune with their customer base, and know how the industry is likely to grow over the next 1-5 years. Be certain the business owners really know their audience inside out and have a clear opinion on how that may evolve change in the future.
Step 4: Support is key; can the franchise owner show they have a relevant management training program which will aid you through out the length of your agreement. You really do need to navigate through any issues to growth as easily as possible to save, time, effort and cash investment
Step 5: Is your new franchise set up to embrace technology in a manner which will help to grow your customer base through relevant day to day personal communication. We love tech and we are going to being using it more and more at every touch point of our working and personal lives. Make sure your franchise opportunity has technology and performance review at its core too.
The Fitness Space is a growing gym franchise opportunity based in the UK.