These days there are so many franchise options out there it can make your head spin. To simplify your search, we’ve broken it down to 6 traits of a successful franchise opportunity for you. By analyzing these traits, you can look at any franchise to decide for yourself if that opportunity is the right one for you.
In order for a franchise opportunity to be right for you…it needs to be within your budget. Opening a McDonalds sounds great…but if you don’t have the $1-$2 million available…it is probably not your best option. The key when it comes to cost, is for you to find a franchise opportunity you can afford yet brings you the growth and profit potential you are looking for. Which brings us to the second important to consider trait…
It is important when you are opening a new franchise that there is opportunity in the market. Is the market so mature that there is little room for growth? Or is the market so new, that you will be left trying to educate your potential buyers? The perfect fit is right in the middle…significant growth in an emerging industry with services that consumers want and are willing to pay for.
#3 Recurring Revenue
One overlooked trait by many in their franchise search is the value of recurring revenue. It is much easier and less expensive for you to keep an existing customer than to acquire a new one. For example, a business that sells cars…sells one but unless the buyer brings the car back to the dealership for regular maintenance…the revenue stops with the sale. On the other extreme is Netflix, who charges credit cards month after month for a seemingly endless recurring revenue stream. In your franchise search, you should be looking for business models that maintain the most clients for the longest periods of time.
#4 Home Based
This one is a bit more subjective. The main benefit of a home-based franchise is obvious: Reduced upfront costs. There are no long-term leases or fancy & expensive property build outs that come with many franchise opportunities. However, if your dream is to open a fast-casual restaurant or any franchise that requires your customers to come to you…home based is most likely not an option.
What kind of marketing support do they provide? Does the franchise system provide you with templates and wish you good luck or are they instrumental in helping you achieve success? Is the advertising geared towards national recognition or to help you succeed locally?
These days there are too many options for your marketing dollars and too many ways your money can be wasted with little to no result. Which is why the level of marketing support provided is probably the most important thing for you to consider when you are making a decision regarding which franchise opportunity is the right fit for you.
#6 Lifestyle Design
Lifestyle design is probably the most overlooked consideration when exploring franchise opportunities. Building out your franchise should be a fun, rewarding and profitable experience. However, pick the wrong franchise system and you could find yourself with more work, more hours…and little time off. Make sure that whatever choice you make…fits the lifestyle you want.
I hope you find the information provided in this article helpful in your search and I’d like to invite you to explore this website to determine for yourself if becoming a Franchisee with Mosquito Mike may be the right choice for you.
Check out our Learn More tab at the top of this site where you will find answers to many of the most frequently asked questions. If you have a quick question we have not addressed on this website, please feel free to use our live chat button and when you feel you are ready to have a conversation, click the Become A Franchisee button to schedule a convenient time to speak directly with us about this incredible opportunity.