What Franchise Should I Buy?

If you’ve already decided that a franchise business is a model that you’d like to pursue, the next logical question is: what type of franchise should you buy?

As you likely already know, there are many options to choose from.

Does the Franchise fit your lifestyle?

Some starting advice may be for you to consider a franchise business that best suits your lifestyle. Do you prefer to work throughout the day or night? Are you comfortable being in front of people, or behind the scenes? Are you content to be your own boss and set your own schedule? Does the franchise emulate your style and mindset? Basically, in what ways does the franchise complement and merge with who you are?

Does the franchise fit your passion?

Some people are into repairing cars, some people love coffee, some people are inspired to sell musical equipment, and some are passionate about food. Whatever your personal preference, it helps to think of a franchise business as an extension of yourself. After all, this is a business that you will be potentially spending a lot of time and energy on for many years to come. A business that you are passionate about really helps you get out of bed in the morning and keep driving it forward.

Do you want an established business model, or do you want to develop your own?

This is an important question for entrepreneurs that want to explore a franchise model. A franchise does allow you a lot of freedom to run your business, but there are also guidelines and standards to follow that come from the franchisor. You need to be clear about what these details are so that you can thrive as efficiently as possible under the model you choose.

Do you want to have freedom when it comes to marketing and branding decisions?

If you want ultimate freedom over the business marketing and brand voice, then you need to consider what that looks like under an established franchise model. Keep in mind that the franchise is where they are today because of an established format that works. If you’re the type of entrepreneur that wants full control over marketing decisions, then you may be challenged with having less autonomy for decisions that are made at the franchisor level regarding how the brand positions itself.

Understanding this distinction up-front will be helpful as you progress down the line.

How much communication do you want to have with the franchisor?

It helps to know in advance what the relationship with your franchisor will be. How much contact is expected, and where are you expected to provide reports and summaries of performance? Are you expected to attend franchise general meetings and network with other franchisees? Every franchisor handles these aspects differently, so it’s good to know what the expectations are so you make sure it jives with you on a personal level.

Are you comfortable being your own boss?

This is an important consideration for potential franchisees. Many franchisors allow a responsible amount of freedom and autonomy to franchisees in the way they run their business. But that means it comes down to you being your own boss and carrying your weight. Some people considering a franchise model feel that it’s “easier” than starting your own company from scratch. Some aspects of that are true, but make no mistake: running a franchise is hard work. You have to live and breathe it as the owner and motivate yourself constantly to keep driving forward.

That said, many franchisors offer guidance and assistance for franchisees to help them succeed. That’s part of what makes owning a franchise business more appealing than going it alone.

What franchise would you be proud to own?

Yes, pride is a factor, but in this case, it’s an extension of passion. Picture yourself talking to friends and loved ones about what you do for a living. If you can picture yourself saying that you’re an owner of X franchise with a sense of pride, that’s a powerful feeling. That pride will inevitably flow into how you run your location.

Restaurant Franchising

If you decide you’d like to be in the business of food, there are further considerations. Typically restaurants are segmented according to the level of service and experience the guest requires,  for example, quick-service restaurants (QSR) and Full-Service restaurants. These different segments include drastically different operations. It is important that you understand these differences to ensure you make the correct decision for your circumstances, your skill set, lifestyle etc.

Recipe Unlimited franchises some of the most iconic restaurant brands in Canada across both the QSR and FSR segments. Brands like Harvey’s, The Burger’s Priest and New York Fries fall within the QSR space. And Recipe’s Full-service brands include Swiss Chalet, Montana’s, East Side Mario’s, Kelseys, Original Joe’s, Blanco and State & Main, to name a few.