Issa Asad Shares 4 Research Tools for Potential Franchise Owners
Most franchise dreams start after walking into a local franchise and coming out with a smile for the goods or services purchased. People can’t help but think how wonderful it would be to bring the same smile to other shoppers and making a profit while they are at it.
Owning a franchise extends far beyond that.
“You’ll have to do a lot of research to evaluate the financial viability, market positioning, and brand promotion strategies before you put the first dime down for what is supposed to a life-defining decision,” said Issa Asad Florida entrepreneur and social media expert. Mr. Asad is the CEO of Q Link Wireless and Quadrant Holdings, located in South Florida. He is also the author of 4 e-commerce and marketing e-books that can be purchased on Amazon.
Future franchise owners want to be sure that they base their decision on rock-solid information. If you are in the same situation, continue reading. Here, Issa Asad Shares 4 Research Tools for Potential Franchise Owners:
1. Your Local Chamber of Commerce
The chamber of commerce is a treasure trove of information regarding businesses. Here, you can find information about the business establishment in an area, the market they serve, which businesses are looking to expand into the area, and even other business owners you can network with.
It is a surprise most people overlook the chamber of commerce while doing their homework on franchises.
While most chambers of commerce have the information on their websites, a physical visit gives you more insight. You meet leaders and other business owners willing to share critical details that may not be on the website. You learn which kinds of businesses thrive in the area, allowing you to gauge the expected performance of the franchise.
2. The Internet
The internet is perhaps the largest library of information ever created. For the budding franchise owner, it is the perfect conduit for learning the ins and outs of owning a franchise.
There is a catch though. Most franchises share their success stories looking to attract new investors like you. You rarely get to read about the bad side and to be honest, there are failures among the success stories. While the internet is a great resource, it shouldn’t be your only reference before jumping on the franchise bandwagon.
3. Franchise Expos
Regular events hosted by organizations such as the International Franchise Association are a must. Through these events, you glimpse into dozens of franchise opportunities and get to meet the franchisors. They are a great starting point if you want to understand what it takes to be a franchise owner.
Once you’ve zeroed in on the kind of franchise you intend to get into, franchise expos are an indispensable tool for uncovering market opportunities, what brands might be interested in the venture, and the kind of resources the franchisor offers.
4. Franchise Consultants
Working with franchise consultants can greatly aid in identifying the kind of franchise opportunity best fits you, what you can afford, and how you can maximize a franchise opportunity. Once all these are identified, the consultant will guide you through the franchising journey, guiding you away from the pitfalls new franchisors make.
You don’t pay an upfront fee when working with a franchise consultant. The franchise brand often pays them a commission after recruiting a new franchisor.
These tools will help identify a successful franchise opportunity while helping avoid the common mistakes new franchise candidates make.