Starting a business is a serious endeavor but it can be fun as well. It is exhilarating to control you destiny and to research various franchises narrowing them until you find the perfect match. In this blog post we discuss using the concept of an elimination tournament to find the right business.
As March Madness looms and the excitement starts to mount, we all turn to our brackets of 64 and begin filling them out in hopes of winning the office pool our bragging rights in the neighborhood. But what does college basketball have to do with how to pick a franchise to buy? As a franchise consultant for nearly 15-years I am often asked, what is the best franchise to buy? What good brands are out there? And of course the answer is subjective. There is no one single answer for which franchise is the best. Much of the criteria has to do with the prospective franchisees’ skill set, their investment level, the type of hours they would like to work, and the activities they would enjoy performing while running their new franchise business. So, how do you decide what is the best franchise business for you?
You may want to use the NCAA bracket system as a guide! The NCAA tournament starts out with 64 teams who play round after round until there is one team crowned champion. First to get into the tournament you have to meet certain criteria. It is based on wins and losses, and strength of schedule, among other things. There are some teams who get in through automatic bid based on winning their conference tournament.
Creating your franchise bracket
For your franchise tournament consider making criteria such as financial strength of the franchise, type of daily schedule you as an owner will have, investment level, industry, and other items to determine who makes the field of 64. You may even have a few automatic bids for brands you always liked and had dreams of owning. Once you have your brackets set start to weigh the benefits of each brand against your wants and needs list, without making too many compromises, and push forward the brands that most closely match your list. Then as you move deeper into the brackets use items like the FDD, phone calls with the franchisor and marketing materials to differentiate between the franchises and move your favorites forward. When you reach the final four, consider attending a day at the corporate office to meet the staff, get to know the culture, and solidify your understanding of the business. Once you have all your information you should be able to narrow your choices to the championship game. With only two remaining- ask your final questions, double check your lists and criteria, talk to your partners and loved ones, and don’t forget about listening to your gut. And once the answer is clear, crown the championship team – sign the franchise agreement, pay the franchise fee, and move ahead.
Certainly, buying a franchise isn’t a game, but it can be fun, and by using a detailed process you should find a great franchise brand that fits you while also enjoying the journey along the way!
By: Susan Jones
