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As a business owner, you will be the person in the driver’s seat, but choosing a franchise that shares your values and offers necessary and invaluable support will help make your experience a less stressful and potentially more profitable one. Evaluating a franchise requires some research, as not all franchises are created equally, not even ones that are in the same type of industry. There are many different styles and models, so understanding your own needs and expectations will help make your decision easier.
Industry experts, like Franchising.com, are forecasting that 2021 will be one of the strongest years ever for franchising. High levels of unemployment at the top end of the salary scale, low interest rates, as well as substantial savings, including home equity, retirement accounts, and personal savings are helping to propel the franchising surge. There are countless advantages to buying a franchise, and the franchise community is a unique and ambitious group of entrepreneurs.
So, how do you know which franchise is the right opportunity for you? Potential investors need a comprehensive guide, so we’ve simplified the process by breaking it down into four steps to make evaluating a franchise more manageable.
Steps to Evaluating a Franchise
- Set Goals. Take time to consider your personal interests, skills, and business goals during your franchise search. Before starting your research, it’s important to have a realistic understanding of your desired income and lifestyle goals to make sure you are on the right path. Franchises are designed with varying management and ownership expectations, so consider what responsibilities you prefer ahead of your search. It’s also important to understand the aspects of the business you will need help with, such as marketing or training new employees. Lastly, consider your long-term plans and decide how many years you intend to dedicate to your new business and have a succession plan or exit strategy in mind.
- Understand Your Budget. As with any endeavor, you need to know how much you can invest in the business. Some franchises can be started with as little as $10,000, while big-ticket options can cost more than $1 million. One of the advantages of becoming a franchise owner is that many franchisors offer multiple financial solutions to help you achieve your goals. Having a handle on your budget will also help narrow your search.
- Conduct Your Search. Once you have your goals in place and a firm understanding of your finances, you can begin your search for a franchise that will meet your expectations. There are many resources that help potential entrepreneurs discover new career paths. Publications like Entrepreneur and Franchise Gator offer rankings of different franchise options based on overall cost and fees, size and growth, level of support, and more. The International Franchise Association also has tools to help people get started finding the right franchise. Trade shows can be another great tool for discovering different franchise options. It’s important to make sure you choose a franchisor that covers all the bases. Make sure your franchisor provides on-boarding support and ongoing training . They should offer business coaching and the technology you need to succeed. Take a look at their national and corporate alliances and marketing plan to ensure it will produce robust results.
- Dig Deep. As you finalize your choice, make sure to conduct due diligence to ensure it’s the best option for you. Review the franchisor’s financial disclosure document (FDD) and pay close attention to the training and support they provide. It’s highly suggested that you independently interview several current franchise owners to learn firsthand about their experience. Lastly, take the time to attend the franchisor’s corporate visit event to learn more and embrace the opportunity to meet the franchise team that will be there to support you through your franchise ownership.
Fresh Coat is an Ideal Franchise Partner
Fresh Coat is not a traditional franchise with a large inventory requirement, high overhead, or big investment fees like a restaurant or retail franchise. It provides a unique option for business owners interested in capitalizing on the booming home services sector. The home services market is projected to reach $219.07 billion by 2026, according to Verified Market Research. The pandemic helped fuel the home services industry as people tackled home projects they had put on the back burner, making use of their extra time at home. At Fresh Coat, the goal is not to help you become a painter. We help you start a painting enterprise, from training you how to find, vet, bond, insure, hire, and retain a team of capable, reputable employees to giving you the proprietary tools and connections to get and keep your business thriving. One of the many advantages of buying a franchise like Fresh Coat is that it is a home-based, turn-key business. It is possible to be up and running in about three months.
Fresh Coat franchise owners get several other benefits that are not available to someone who decides to start a painting company on their own. Fresh Coat owners go through a full on-boarding process and are provided with business coaches to help with every step of launching the new business. Franchise owners also receive marketing support as they begin to build a customer base.
Fresh Coat was designed to be a more affordable investment opportunity for anyone with the desire to succeed. The initial franchise fee is $44,900, and the expected total initial investment is between $53,000 and $77,000, with special financing options available. Fresh Coat grants exclusive territories delineated by postal codes, with a population minimum of 175,000 people in each territory. This protects franchisees from unnecessary competition within the franchise family.
“Some of the key factors that influenced my decision to become a Fresh Coat franchise owner were just the people. I felt like the operations staff and the support staff and corporate cared about me. Not only did they have the systems in place that would help me, I felt like they cared about me as a person,” said Rich Whitiker, a Fresh Coat franchise owner.
In addition to a robust residential revenue stream, Fresh Coat recently launched an initiative to expand its commercial footprint. Fresh Coat established a comprehensive commercial training program that provides owners with the tools to be successful in the robust commercial painting market, along with a dedicated corporate team to drive commercial business and support franchise owners. Fresh Coat’s initiative will help fuel commercial lead generation and quoting support provided by the home office team and provide assistance with vetting contractors as well as project management support.
If you are ready to learn more about a franchise with low investment and overhead in a high-growth industry, learn the next steps to becoming a franchise owner.