SCORE Small Business Blog

Franchising: I want to buy a FRANCHISE!
5 Comments

You say you want to buy a franchise – which of the 80 plus categories interest you? The hot categories right now are kids, senior care, business to business services, and non medical home care. But, do they interest you? Can you live with non medical home care 24/7? When doing your pre-purchase research, think about your lifestyle, your support system, and your talents and interests.

Owning a Franchise is the same as owning your own business except you have the huge advantage of working within a proven and successful business structure. There are 2,900 active franchisors with about 500 new ones are added per year. The opportunities are vast – so your fit is important.

Let me know what your thoughts are on buying a franchise. Remember, you can always go to www.SCORE 114.org and find a mentor to help you the rough process — or even you can write me back as I am a SCORE mentor, also. What do you want to buy today?

-Betty Otte

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Discussion (5) Comment


  1. Betty OtteVisitor

    Great question as I believe you are not alone with this concern.
    What is your current source of leads? A rule of marketing is to put more effort into what is working and stop doing what isn’t working, as you already know, but I need a bit more information.
    How are you selling the franchise? Do you hire your own salespeople or do you have reps or franchise brokers selling for you? Are you a member of IFA? Sorry to have more more questions than answers at this point, but need a little background. What is your marketing budget? Right now networking (both actual and virtual) and associate building is at the top for most businesses – what organizations are you active in?
    Your web site is good – just checked it out. Do you have a blog, are you doing podcasting and what web sites are cross linked with you? Your presence on the internet is crucial. Can you check into other blogs with information about chocolate (not commercials) with a link for you to provide more information?
    Anyway, that is my first blush of an answer without more knowledge of what you are doing. Let me hear more about your current activities.
    Betty


  2. Susan DavisVisitor

    Hi Betty:
    I just found this website. What would be your best advice to franchisors in this market? Chocolate is still selling very well ! — It’s not very hard — but we are seeing fewer leads for purchasing franchises. I am sure that is to be expected but how would you maximize your marketing dollars?

    Thanks!


  3. Betty OtteVisitor

    Hi, Derryl – after rereading your question, I realized you were relating to the current bail out stalemate of yesterday and the challenges now facing our whole economic system. Again, that is a great question, Now is an excellent time to continue researching the existing franchisees on your menu of franchise options. Call them and see how they are doing. This will give you a temperature reading of how well the franchise sustains itself in a changing economy. Buying a franchise is like buying any free standing business in that you must do your research and a full business plan. Hope that helps.
    Betty


  4. Betty OtteVisitor

    Great question. The ones that appear to be on the top of the list right now are: anything related to children, senior care, business to business services and home care – non medical. Although there are several market segments to select from, make sure the category you select is something that interests you. You will be spending a lot of time in your new business so it is important to be doing something you enjoy. Good luck! Which category interests you?
    Betty


  5. DerrylVisitor

    Hi Betty:
    What franchises might make most sense to investigate given the current economic climate?
    Thanks

 

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