So, you’re looking for your very first franchise opportunity! Congratulations from the whole team here at HoneyBaked. Making that decision is a big step on the path to business ownership and you should already be feeling proud of yourself.
Chances are, if you’ve never owned a business before, you’re not sure what you’re capable of. That’s perfectly okay. Most really good companies design their franchise opportunity in such a way that almost anyone with a good head on their shoulders and a passion for success can make it work. If you know you’re hard-working and up for a challenge, you’ll be just fine.
What To Look For in a Good Franchise Opportunity
Luckily at HoneyBaked, we’re franchise experts, so we can tell you everything you need to know about this business model. Take it from us – franchise ownership is about far more than the bottom line. Here are four elements that will let you know you’re onto a winner.
- Established and Respected Franchise Brand
Look for companies that people really admire. Not every company is a franchise and not every company is well-positioned in the market. Longevity can often be a good indicator of success. Some of the most successful franchise companies are also the longest-standing. With a company that’s been around for decades, you know it can make it through times of recession or other hardship.
- Differentiated Product or Service
You can only put so many burger joints in one commercial plaza. If you’re looking into restaurant franchises, look into companies that do things a little differently. Try exploring an opportunity that offers multiple revenue streams beyond their staple products, or a business that sells a high-quality, specialty product customers can’t find anywhere else.
- Operational Simplicity
Some businesses aren’t worth the trouble, especially for a new or inexperienced business owner. Complex operations can create a much more challenging business opportunity, lower margins, higher costs, more mistakes and a big headache. Keep it simple. Some food franchises are so simple, they don’t even require cooking! Find an opportunity that works for the lifestyle you’re hoping to achieve.
- Strong Corporate Culture and Values
If you and the franchisor you’re talking to don’t see eye-to-eye on your values, don’t go any further. You want to join a team and a company that feels like home away from home. Your best bet will be a company whose team members and franchisees have been around for a long time and are looking to stick around a lot longer. Often these are companies that truly put people first and focus on family.
We hope this was helpful to your research as you search for your perfect franchise opportunity. If you have any questions about how HoneyBaked stacks up against other restaurant franchise brands, give us a call today! We’d love to talk.