Here’s the cold, hard truth: Not all franchises worth buying. Some of them are selling franchise licenses to make quick bucks. Some of the are even selling the licenses without a proper team to support future franchisees.
Yes, franchising sucks – if you don’t know how to choose the right one.
So, how to choose the right franchise, you might ask?
There are plenty of answers you can find online, but let me recommend this video: John Schnatter, Papa John’s founder, shares how he builds a billion-dollar pizza franchise – and indirectly tell you how you can ‘detect’ whether a franchise is worth buying or not:
With 4500 restaurants worldwide, let’s just say that Mr. Schnatter’s business model works very well.
So, here’s a recap on how to choose the right franchise; your franchisor must have these 3 things:
- Passion for the products and customers
- The best in the class
- A business model that works
So, before you decide on anything, please make sure that you do your homework and find franchise opportunities that offer at least those 3 things.