Signs Of Great Franchise Opportunities

AllBusiness:

How do you know when you’ve found the right franchise for you? A good franchise opportunity has these 10 vital signs:

1. Industry growth. What is the growth potential of the industry you’re considering? Some franchisors provide market research on their industry, but don’t rely on this information alone. Do your own research. Equally important is growth potential in your local area. Frozen yogurt may be the hottest franchise trend, but if your neighborhood is already
saturated with yogurt shops, it’s not a good opportunity for you.

2. Unit growth. Ongoing growth in the number of franchise units shows that a franchise is thriving. One key benefit of buying a franchise compared to starting your own business from scratch is the franchisor’s name and brand recognition — and the more units that are open, the more brand awareness consumers have.

3. Strong support from the franchisor. What kind of training and assistance do you receive to get your franchise up and running — and keep it growing? Even a small franchise system can be a good opportunity, provided its franchisee support is strong.

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