What Franchise Lists Don’t Tell You
February 23, 2018
by Leslie Kuban
It’s that time of year. The “Top Franchises of 2018” lists are everywhere. If you’ve been exploring franchise ownership, you can’t escape them. One could
spend months perusing the top entrepreneurial publications or googling the best business opportunities in America; but, how do you know which one is the best for you?
With more than 4000 registered franchise brands, it’s easy to get stuck in analysis paralysis. What’s the ranking criteria? Which list do you trust
and how do you know which business is right for you?
Checking out the latest list of top franchises can give you an idea of what types of franchises are out there; but before you sign on to own your own business, it would be wise to think carefully about what those long lists are NOT telling you.
LOCATION. LOCATION. LOCATION. Lists of top franchises give you no clue as to the availability of that franchise brand in your area. Just
because you see lots of them does not mean the market is saturated. Conversely, just because you don’t see this brand on your block, does not mean
someone has not already purchased the territory and is in the planning stages.
SHOW ME THE MONEY. Most listings of franchise opportunities show you only a part of the entire financial picture. They may only list the
initial franchise fee, omitting all the other costs associated with starting up the business. Perhaps the investment range is listed, but do you know
what that includes? How much working capital do you really need?
CAN YOU CUT THE MUSTARD? What does it take to run the “top-ranking” franchise business? The summary information might intrigue you at
first; but it tells you nothing about the skills needed to drive success.
LOVE STINKS. Most people want to feel a connection to the product or service. Is it something you’re drawn to? Is it something you’re
passionate about? Could you love it? If you’re narrowing down your list to only your most beloved, you’re missing out.
Set aside your love for the product and understand that you have to dig deep beneath the surface to find out if owning and running that business will light your fire.
TWO WAY STREET. Run away from a franchisor who doesn’t investigate you with the same vigor you’re looking at them. A strong franchisor
will carefully vet potential franchise owners to be sure the fit is right. Just because a company has lots of franchisees or a lower initial franchise
fee does not mean it’s a great franchise fit for all parties involved.
Year over year FranNet franchise owners have outperformed other business owners in terms of overall satisfaction and longevity. Why do our franchise clients
outperform others? Because we work hand in hand with you to create your own personal list of top franchises; those best suited for your skills, geography,
preferences, budget and lifestyle. But that’s just the beginning. We walk you through doing the research and asking the right questions, so you can
make a fully informed decision.
The question really is not which top franchise on the list to pick; it’s how soon can we sit down to start formulating your path to entrepreneurial success.
Whether you’ve just started to consider owning a franchise or business ownership is a lifelong dream, reach out to me today at 770-579-3726 or lkuban@frannet.com.
Leslie
Kuban is a nationally recognized franchise industry expert, CFE (Certified Franchise Executive) and owner of FranNet in Atlanta; a locally owned and
operated franchise consulting firm. Kuban and her team offer more than 60 years of combined industry expertise and her personal experience as a franchise
owner provides a unique perspective to help her clients assess their real opportunities, risks and timing to make sound decisions. Kuban is a guest
lecturer for the MBA and EMBA programs at Emory, Georgia Tech and Kennesaw State. She is a founding member of the Georgia State University Franchise
Entrepreneurship Advisory Board.
Recently, Kuban added Amazon bestselling author to her list of accomplishments when she joined a collection of business notables to co-author,
More Than Just French Fries, a collaborative work on successful business ownership through franchising.
Click here to explore Leslie’s video library
or call her directly at
770-579-3726.
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