“An essential part of the Franchise success, no matter
the kind of Franchise – traditional or a more niche one,
is the ability of a franchisee to understand the market
and have fine business acumen”.
„Franchise business is no rocket science!‟ Yes, but it takes
same amount of commitment and zeal as starting any other
business - as you are deciding to be an entrepreneur.
Operating a franchise would need determination, will and
continued efforts over the years for achieving great success.
Hence ensuring to choose not the best franchise but the one
that suits you best is crucial.
Self Evaluation in terms of finance, time and other personal circumstances
such as family support is utmost necessary. Carefully analysing and
identifying the influencing factors helps in determining the ability to choose a
franchise that is most suitable to an individual. Further it also helps in
identifying the factors that could possibly prevent one from running
successful business and thus take necessary steps to resolve issues.
Financial capacitates, access to loan facility and creating an asset portfolio
could also help in determining the range of investment that one could bank
Post this, considering the factors in choosing a product or service that
individual is more passionate about or is most interested in could be
determined. It is always better to have more than one option. The factors
could be then weighed to see if you have potential to start a business of a
chosen product or service. If yes you could go ahead, if not you could
simply put in more efforts to increase your potential.
Once critical self evaluation is completed and you are determined to invest
in a franchise, it is important to research the market.
Market research has to start with an extensive need
analysis. If the need for the product exists it is
important to study the demand and supply. Many
suggest, in the field of franchise, not to invest in a
product or service which are overly crowded. Ensure
there is not too much competition. The market for any
product today is volatile hence to check on overall
product behaviour in the market is crucial. Once need
for the product is established and favourable market
is identified you could step ahead to - choosing the
„With global franchise scenario evolving, the world is truly your Oyster‟.
There are many franchise options available in various industries in all sizes
and prices. However, there are many fraudulent or deceiving franchises as
well that have come into light in the fast. Therefore it is essential to create a
check list to evaluate a franchise while selecting franchises.
Post consideration of cost and other criteria‟s related to market, create a list
of alternatives that you could choose from. Once the finalised list is ready
then ensure that you evaluate the franchises by talking to franchisees,
checking its authenticity, its past records, its proven success, its ideology,
vision and mission or you could read this article for the checklist.
One could also seek professional advice before choosing the franchise to do
#15,Sri Lakshmi Complex, 4th Floor, St. Marks Road, Bangalore - 560 001. India
Tel: 91 80 6160 4545 e-mail: email@example.com