Finding the Right Franchise

One of the most difficult and critical tasks for prospective franchisees is finding the right franchise opportunity.  This is not an easy task and requires an analysis and evaluation of many factors.  While no franchise opportunity is "perfect", over at the excellent Franchise King Blog franchise consultant Joel Libava offers franchisees some great insight into the qualities of the "perfect franchise".  According to Mr. Libava the "perfect franchise" should offer the following:

• Major Brand Power;
• Constant Innovation from Management;
• Uniformity;
• Solid Training Program;
• Extremely profitable franchisees; and 
• An engaged [utilization] of Social Media

For the prospective franchisee, when evaluating a franchise opportunity give serious and thorough consideration to these factors. Ask questions and make sure that your evaluation goes beyond (well beyond) the franchisors sales literature.  For some additional information on selecting a franchise and "franchise due diligence" definitely check out the Franchise King Blog and the "Franchisee Due Diligence" section of the New York Franchise Law Blog