Step three in the Franchise Mind™ system for
“Choosing the right franchise for me”
is building a personal profile that will help determine
the franchise that is right for you.
With several thousand unique franchise concepts around the world, how will you know which one is the right one for you? The task is impossible unless you begin narrowing the choices based on criteria important to you. There is no such thing as a perfect business for all people. All businesses have their inherent strengths and weaknesses relative to your strengths, weaknesses, likes and dislikes and available resources.
Franchise Mind™ suggests a model for building a profile based on four areas: Personal factors, Business factors, Financial factors and Organizational factors. The objective in the final selection is to achieve a match on as many criteria as possible, knowing that it is highly unlikely that a 100% match can be achieved.
By completing the following exercise, you will be much better position to make an informed decision.
With this profile in hand, you will be better equipped to choose a franchise that fits you. The key is to remain faithful to the profile you have developed and not be swayed by emotions or the opinions of others. The next step in the process will be selecting the sectors to evaluate and the right companies in those sectors to evaluate. This we will address in the next column.
Harish Babla is the Managing Director of Franchise Mind Corporation based in the United States, supporting franchisors through knowledge and mentoring. He is a 4th generation successful entrepreneur, a business visionary, an inspiring leader, a growth strategist and an advocate for family owned and especially franchise owned businesses. He believes that business must be conducted with the highest standards of excellence and with an unwavering passion to serve the customer. Harish can be reached at Knowledge@FranchiseMind.com
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