How to Find the Right Franchise?

 

Researching any franchise opportunity in any industry can help you better understand how to run a successful franchise business and maintain a good relationship between you and the franchisor. 

Learning about the world of franchising can be easy with a few Google searches. You can read up on blogs, magazines and other valuable resources that can expand your knowledge about owning a franchise. Talk to your friends who are franchisees and ask them how they set it all up and where they are now. 

With so much information around you, you’ll have a firm grasp of, at the very least, the basics of owning a franchise. However, how do you know what’s a good franchise for you?

Learning about franchising is just one matter. You’ll need to find the right franchise to succeed in. Here are 4 ways to find the right franchise opportunity for you.

 

1. Evaluate the Affordability of the Franchise

What are the financial requirements of the franchises that are on your mind? Take into consideration that the set-up fee for a single unit in New Zealand may cost anywhere between $5,000 and $1,000,000 and this still may not include the following franchise fees:

• Ongoing franchise fees like the percentage of your gross revenue

• Marketing costs

• Other expenses such as rent, salaries and utilities

If you want to be able to afford all of that, be sure that you have sufficient capital.

 

2. Research on a Reputable Brand

Naturally, you want to partner with a business that has a strong support system for franchisees and makes investments in your training and development.

There are also “trendy franchises” that promise quick investment recovery after a few months - it’s best to avoid this and look for a franchisor that has had years of experience and will last longer.

 

3. Learn About Their Track Record

There are so many franchise opportunities in New Zealand that it can be quite difficult to choose which one is best for you. One way to narrow down your search for the right franchise is to take a look at their track record. Ask yourself these questions:

• Do they have a proven business model?
• Do they have a strong franchisee network?
• Do they have a tried and tested system that’s worth your investment?

If they do show a positive track record, you can consider their franchise opportunity.

 

4. Talk to Franchisees

Of course, it’s always good to find more about a franchise by talking to their franchisees. With a quick interview, you can find out if the brand is worth investing in or not. You can ask questions like:

• How long have they been in business

• What made them choose that particular franchise

• How is their training and support system?

• What are some things they can improve on as a franchise?

 

It’s important to note that franchisors are required to provide a disclosure agreement with the contact details of their franchisees, so you have the opportunity to talk to them and make an informed decision.

Looking for the right franchise opportunity may feel like finding a needle in a haystack but once you find the ideal one that’s aligned with your goals and budget, you can rest assured that you’ve made the right investment.

Laser Clinics New Zealand is an award-winning franchise that offers 50-50 partnership, ongoing support and training and an attractive remuneration, among others. Visit our website to learn more about us.