Becoming a franchisee is a big step. It requires an investment of time, effort, and capital to get a new business off the ground. As a new franchisee or a franchisee candidate, there is a crucial step that is often overlooked: the franchise exit strategy.

As we approach a new year, HIRE YOURSELF is learning from 2020. This year was certainly a turbulent year. If you have heard an episode of the HYS Podcast, you know that we love to call this year a Black Swan event. But, even though this year was irregular, it does not mean there is nothing to learn. Franchising trends in 2021 will be profoundly affected by 2020.

 

When researching a franchise to invest your hard-earned money into, there are many things to consider.

You can choose a new and exciting franchise with a lot of potential or select a franchisor with more experience. There are advantages and drawbacks to each option.

This year Pete learned he sucks at the board game Sorry! It was a byproduct of being stuck at home with his family for weeks on end. We all know the early stages of the coronavirus pandemic was awful, but Nat and Pete enjoyed the time they got to spend time with their families. They turned lemons into lemonade.

It seems like the news is filled with worries about climate change, and the market is responding with a push towards green energy and technologies. Franchises have taken up the mantle of this trend. Many of the franchises the HIRE YOURSELF franchise consultants work with a focus on the idea of "going green." These are some of the best franchise opportunities for eco-friendly businesses that can change the world and your life!

We all love the feeling of a weight being lifted off our shoulders. It usually comes with a sense of relief or accomplishment. Sometimes, we hit a wall. We get fear. Many times that fear is the fear of the unknown—of uncertainty. Franchisees and entrepreneurs experience this like anyone else. Often, that fear of uncertainty means we choose unhappiness instead.

The second big step in franchise investigation is receiving and reviewing the franchise disclosure document. Before you think about owning a particular franchise, you need to review this document. After the introductory call, the franchisor will offer to send you a copy. This document is essential to your investigation process.

The first thing you need to keep in mind in your franchise investigation is that it is a process of mutual elimination for both you and the franchisor. It’s like dating. You might find exactly the franchise you’re looking for on the first try, but that is highly unlikely unless you are using a consultant like us to narrow the search for you. You have a ton of options, but only one will be the best choice for you.

People are often surprised to find franchising is a diverse industry. There are a ton of options out there for aspiring franchisees. We encounter franchises all the time, but we often think of them as them roadside businesses sprinkled across the nation.