Franchising is booming. FRANdata says demand for franchise units is expected to increase more than 12 percent in 2014, the highest rate of increase in five years.
The International Franchise Association there are currently more than 750,000 franchise establishments in the United States covering approximately 75 industries.
It’s an environment that keeps franchise coach Rick Bisio very busy.
Just as we happily share our vast point of sale experience and expertise with startup owners in order to help them make the best decisions from the very beginning, we at Sintel Systems are happy to share articles and commentary about the perceptions and reality of the risks involved in a career change into franchising — a major area of our point of sale (POS) expertise.
In his Entrepreneur.com blog post, To Find the Right Franchise, Test Drive More Than One, Bisio writes, “Nearly all of the franchise prospects I work with as a franchise coach come to me with slight variations of the same fundamental question, ‘Can you help me find the right franchise?'”
Bisio says the short answer is “yes,” but in reality, a prospect will only find a quality fit if they know their size and try on several franchises. “This is just the beginning of the research and education process that it takes to become a successful franchisee,” he writes.
Bisio believes that regardless of whether you’re considering joining a country club, corporation or networking group, you cannot know if it’s a perfect match for you unless you spend time weighing options and trying them all on for size, and writes, “With an investment as big as owning a franchise, you want to be sure that you find the perfect fit.”
“So, instead of just saying ‘yes’ when prospects ask me if I can help them find the right franchise, I say, ‘maybe,'” Bisio writes. “A lot of information needs to be gathered before a coach can provide honest, balanced guidance.”
When seeking a franchise opportunity that may be a fit, Bisio asks each person to answer the following questions:
• Why do you want to become a business owner and/or franchisee?
• What are your skills? How would they apply to your new business?
• What are your lifestyle requirements? How important is time with family?
• What is your target market? Type of location? Likes/Dislikes?
• Are you financially ready? Investment? Cash Flow requirements?
Bisio believes that it’s imperative for each prospective franchisee to dig deep and determine what’s truly important to them. “For example, buying a Subway because ‘everyone knows the brand’ or because ‘everyone has to eat’ is an exceptionally poor way to make this type of decision,” Bisio writes. “It’d be like investing in a new pair of shoes without checking the size just because it’s a brand you recognize.”
“A franchise has to fit your objectives, skills, lifestyle and financial objectives with a positive track record of success,” Bisio writes. “Just like the shoes, you can only be confident the franchise is worth investing in when you are sure it fits!”
Read Rick Bisio’s full Entrepreneur.com post here.
For more insights into the franchise-seeking mindset, check out our related posts, A Franchise Personality Fit For A King, Asked and Answered: 107 Franchisee Questions for Franchisors, Franchise Coach Sees A World Of Opportunities, If You Ask The Right Questions, and Franchisees Have It. Got It?
Sintel enhances our customers’ success by turning point of sale data into strategic decisions, allowing larger franchises to grow and providing startups the foundation for future growth from the very beginning by acting as a franchise incubator, nurturing their businesses for the long haul.
Don’t wait until late in the game to plan for your point of sale system. The benefits of establishing an early relationship with your point of sale company are many — not just in demystifying the process and determining the optimal system — even before you decide on a franchise direction.
Sintel Systems is the only direct to end user full-service provider of tailored Point of Sale systems across retail, restaurant and service industries, including frozen yogurt shops, pizzerias, sushi restaurants, cafés and retail stores.
As a single source for business solutions, our experienced, knowledgeable team negotiates the complex POS landscape for you to enable you to find the right POS system for your business and budget. Hardware – Software – Support
Questions or Comments: Contact us 855-POS-SALES www.SintelSystems.com