Do you want to start your own business and be your own boss? If so, you’re not alone. Nearly 40 percent of workers want to start their own companies, according to a report by the University of Phoenix Business School.
The good news is, many aspiring entrepreneurs will make this goal of business ownership a reality. The bad news, however, is that 80 percent of those that start an independent businesses will fail within five years.
That’s why many people are pursuing a different path and starting a franchise instead. In addition to the fact that franchises enjoy a much lower failure rate (just 15 percent of franchises fail within the first five years), there are many other distinct advantages of franchising.
If you want to own your own business, starting a franchise could be a great choice for you. However, you need to choose the right franchise in order to be successful. That’s why doing your homework and educating yourself about the different options in the marketplace is so important.
To help you do just that, we asked our very own franchisees to share their tips for researching franchise opportunities. Here’s their advice:
Narrow Your Search From The Start
Starting a franchise is a big commitment, so make sure you want to be in it for the long-term. Narrow your options to a field or industry that interests you so that you can focus your research and best utilize your time.
Many of our franchisees, for instance, had backgrounds in landscaping, home improvement, construction and other similar fields, so they were confident in their ability to thrive in the dumpster rental industry..
Check The Franchise Website
A franchise’s website can reveal a lot about a company, and it is a great resource for learning about the franchise’s messaging, its approach to marketing and, possibly, the franchise’s fees and financial details.
What’s missing from a website can also tell you a lot about the franchise. For example, if there isn’t a lot of detail, professionalism or information, it can be a sign that the operation doesn’t take its Internet presence seriously, which should be a serious red flag for you.
Read Company Reviews
Phil Brunet Jr., owner of Bin There Dump That – Columbus, Ohio, says that reading reviews from customers is essential when researching a franchise. He suggests scouring sites like Yelp and Angie’s List, as well as local message boards, to get an outsider’s perspective on the company.
Positive reviews are a good endorsement of the franchise, its product or service, and the way it goes to market. However, overwhelmingly and consistently negative negative reviews will reveal a company in trouble, and one not worth your time or investment.
Talk To Current Franchisees
By far, the most echoed piece of advice when it comes to educating yourself before starting a franchise is to speak with existing franchise operators to gauge their opinions and feedback. You can pick up the phone or, better yet, pick up a plane ticket in order to see the franchise in action.
James Spink who, along with his wife, Lori, own Bin There Dump That – Indianapolis, Indiana, believes these conversations and interactions with current franchisees are invaluable.
“We asked a lot of questions and spoke to a wide variety of current operators,” he said. “Learning what worked, what didn’t work, and what they would do different if they were to start all over again.”
Get To Know The Team
While existing franchisees can tell you about their experience in the system, the franchise leadership team will actually define your experience within in it. Make sure that you share their vision and will be comfortable working with them. Get to know the key members of the team, their background, experience and the culture that they set for the organization.
At Bin There Dump That, our franchise leadership team has more than 75 years of experience supporting franchise operators, and they put that experience to work every day. We provide training, guidance and support, and we apply our corporate mantra of “delivering the friendly” when interacting with our franchisees, just as we would when interacting with our customers.
We invite you to learn more about our team, and our franchise, by requesting your free franchise kit. We’re confident that, after educating yourself about Bin There Dump That, we will make the grade.