Choose a franchise for the long run: Growth opportunities for the 21st century economy

Long Road

While everyone’s always looking for the next big thing, the smart money is on the long term trend — in franchising as much as any other business.

So rather than cruising your neighborhood in an effort to ascertain the types of businesses most in demand, look to the larger economic trends to guide your search for a new business.

While great opportunities abound in the wide world of franchising, you have to research market trends to winnow down your choices to those that work for you and offer the best long-term growth.

The decision on what type of business to invest your hard-earned savings and labor requires as much of your business acumen as you will have to apply in operating your future business.

Plan on spending up to six months or longer on research, beginning with general reading in business and trade magazines then eventually getting specific materials from various franchise companies. Your job is to peruse these, possibly with the assistance of a good franchise coach, then move on to interviewing franchisees who can show you the way or possibly warn you off.

We like two main categories for today’s economic climate: businesses that succeed even in economic downturns and those that capitalize on our new economy.

Businesses resilient during hard times offer conveniences time-strapped families can’t do without or services that cannot be postponed. These include:

Services Always in Demand

Senior Care

As we all know, the Baby Boomers are swelling the ranks of senior citizens, setting a great growth trajectory for senior care. Franchisors galore operate and thrive in this segment.

Companies that retrofit homes for accessibility and child-proofing

Firms like 101 Mobility capitalize on the trend for more older people to stay in their homes well into their very old age. And with Millennials now having babies, you can find good opportunities with firms that child-proof homes.

Property Damage Repair

No matter the rate of unemployment or growth in GDP, natural disasters will continue to occur, and families whose homes have been damaged by fire, flood and hurricane will require clean-up.

Services that capitalize on economic trends

Temp Staffing

In this age of downsizing, many companies now routinely use contract workers and temp staffing project by project.

IT Support

As an integral aspect of 21st business, most small businesses outsource their IT support, and many franchisees have had success fulfilling this need.

Business Coaching

Along the same trend line, as people now have to reinvent their careers on average every three years, a sizable number require assistance to help them determine their next strategic move. If you have read this far, you know what I mean!

Digital Advertising

As the “Mad Men” age of advertising fades into distant memory and social media is now king, lots of established businesses need help in reorienting their advertising strategy toward the digital sphere.

You can find plenty of opportunity in franchising in all these economic sectors. And a franchise coach can help you navigate the crowded field.

Ready to make your dream of becoming an entrepreneur come true?

Get your free evaluation today!

Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a franchise coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at dcitrenbaum@gmail.com or at (484) 278-4589.

© Dan Citrenbaum 2015

This guest post is by Dan Citrenbaum, a Franchise Coach and Entrepreneurial Consultant who helps people achieve their dreams as small business owners.  Find Dan at www.EnterpreneurOption.com

6 Easy Steps To Interviewing Your Way To Franchise Success

Deciding to start a new business is a heady time for every budding entrepreneur. As any experienced business owner will tell you, preparation is the key to success. That preparation becomes much easier when you decide to purchase a franchise. You gain a huge upside as a result of the amount of information available to you. Since franchises come with a system time-tested by dozens or even thousands of others, you get a veritable operating manual and can ascertain before you start whether you have the skills and experience to succeed with this business. So, the key question becomes whether this business is right for you. Your most invaluable resource to help you find the answers lies with the network of franchisees who once stood in your shoes. We recommend you interview as many franchisees as you can. You will find a complete list of franchisees in the Franchise Disclosure Document, which franchisors are required by federal law to provide to potential franchisees.

6 Steps To Interviewing Your Way To Franchise Success

If you’ve never conducted an interview, don’t worry. Every good interview follows the same basic steps. Commit these to memory, perhaps ask a friend to help you practice, and begin to explore possible business options for your future.

1. Be Cordial And Gracious

Inquiring minds cannot just ask any question that pops to mind. Remember you are imposing on the franchisee’s time, so when you call, get right to the point, that you are interested in the franchise and are hoping he or she might have a few minutes to talk about his or her experiences. Ask if this is a good time, or when might be a good time to call back.

2. Plan Your Interview

You might want to plan a couple of layers to your interview. Use your initial research of written documents to help plan good questions. First, prepare a few questions that would take no more than 15 minutes of the franchisee’s time. Then, write additional questions you might get to if the franchisee has the time. Ask questions that only this person can answer. Be specific about what this person knows that you cannot get in any prepared written material. For example: How have their experiences been with the franchisor? Did actions live up to promises? Were training and support sufficient? Would they buy the franchise aga

3. Show Respect

You may not like everything the franchisees tell you, but you are after their perspective. So don’t argue, play devil’s advocate or in any way imply their problems are due to their own inadequacies.

4. Listen

The most important time during your interview is when you’re not talking. Try to draw out as much information from the franchisee by asking succinct questions, and then stop talking. Sometimes people need a few moments to clarify their thoughts before responding.

5. Clarify

Even with the best listening skills, you may miss some of what is said. Don’t be shy about asking your source to repeat something or clarify an answer you may not have understood. As most journalism professors will tell you, there’s no such thing as a stupid question. The question you wish you had asked is another thing.

6. Follow Up

As you go through your notes, and something important pops out that you fear you may have misunderstood or gotten wrong in your notes, call back. Most people appreciate conscientious attempts to get it right. Just remember to be respectful of the franchisees’ time. And it never hurts to drop a thank you email after the interview. You might want to keep these lines of communication open for the future.

Ready to make your dream of becoming an entrepreneur come true? Get your free evaluation today! Contact Dan Citrenbaum to help you create the career you’ve always wanted. As a business coach, Dan brings years of experience helping people select and buy a franchise or existing business. You can reach Dan at dcitrenbaum@gmail.com or at (484) 278-4589.