How to Create a List of Franchises to Choose from
Creating a list of franchises is a great way to help find the right business for your needs and goals.
By making a list of several potential businesses, you can easily compare your options side by side and narrow the list down to a handful of top opportunities. Regardless of your current business experience, whether you are a new entrepreneur or an industry pro, you must be sure to do your research carefully before you make any investment.
Creating a solid list of franchises will help ensure that you have carefully considered all your options, so you can make a well-informed decision. Below are some quick tips on choosing which businesses should go on your initial list.
What to consider when building your list of franchises
If you already know the types of businesses you’d consider starting, this can help you narrow down your options tremendously. For example, if you are certain that you want to open a business in the food industry, then you can limit your list to businesses like restaurants, bars, retail shops and vending opportunities.
– Start-up costs
If you have a budget in mind (and you should!), you can immediately cross off all the opportunities that are simply not viable for your situation. Your list of franchises should only contain businesses that are within your budget.
– Ongoing costs of operation
Don’t make the rookie mistake of forgetting to consider what funds you’ll need to cover the costs of operating the business month to month. Factor in all potential expenses, such as employee costs, utilities, inventory and so on. Remove the businesses from your list that appear to be too pricey or risky for your comfort level.
– Required level of involvement
Do you want to be hands-on in the day-to-day operation of your business, or do you want to be more like an outside investor? The answer to this question will help you narrow down your list to include only the opportunities that meet your desired level of involvement and time commitment.
– Products & services
Have you given thought to what you’d like your business to sell? Do you care about the quality of your products and the value that customers receive, or are you simply looking for the biggest profit margins? Keep these questions in mind as you build your list. You may discover that some opportunities aren’t aligned with your personal convictions, morals or aspirations.
– Support & training
Let’s say you’ve narrowed down your list to five top franchises. Only three of them offer comprehensive training and ongoing support from the franchisor. Isn’t it obvious which two you can remove from the list?
Put HUMAN Healthy Vending at the top of your list of franchises
HUMAN Healthy Vending is the world’s first 100% healthy vending company. We have flipped the vending industry on its head by offering “easy nutrition everywhere” – a wide assortment of fresh, healthy foods and drinks, delivered through state-of-the-art machines with LCD screens, remote inventory management systems and other cutting-edge features.
If you’re ready to start an exciting, fun business that you can also feel good about, contact HUMAN Healthy Vending today to see why our vending opportunity could be the perfect fit!