What Franchise is best? ~ Pinoy Reviews

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Thursday, July 31, 2008

What Franchise is best?

I have previously blogged about the pros and cons of starting your own business vs. franchise. Now assuming you went with a franchise the next question is…what kind of franchise business should you delve into?

Now, if you live in the States, there’s this new website that can make things easier for you. Myfranchisecenter.com has different information as well as resources to help you understand the franchise business. The site probably could help you more since I’m not really that familiar with franchises in the US. They have this nifty little tool called Franchise search wherein you just provide your name and email, your estimated starting capital, what kind of industry interests you, your state and then they’d get back to you with the information you need.

In order to have an idea about what franchise opportunities are going to click or not, you should have an idea of where you will set up your business. If you’re thinking of a coffee shop and there are already three Starbucks within a three block radius in your area, chances are you’re going to have to close shop in a month. See what’s lacking in your community. If it takes three days to have an appointment with your local barber because he’s the only barber in town and there are about a few thousand of you in your town, then maybe a barbershop franchise ain’t such a bad idea. The keyword is just do your homework. Find out what your community lacks and if your community is open to the idea of you servicing their needs. Do a survey if necessary. It’s called a feasibility study.