Are you looking into buying a franchise, but finding yourself stuck wondering which franchise to choose? Most franchises for sale today make a point of looking as attractive as possible to draw you in, and many will actively invite you and entice you the moment you show any interest in buying. But, as strange as it may sound, that’s not as good a sign as it may seem.
Is this really the most profitable franchise for you?
You want to invest in a business that will help you succeed, as well as one which you can enjoy. If you decide on a particular franchise, only to find that the work makes you miserable and/or that you weren’t at all prepared or suited for it, you will have entirely lost out on a massive investment.
So, tip number one when deciding which franchise to choose: Don’t trust franchisors who simply welcome any franchisee to join.
The benefits of strict franchisee selection criteria
Now, while it may seem daunting to approach a franchisor that is very picky about who they take on as franchisees, these tend to be the most profitable franchises for good reason. More than that, if you speak to their franchisees you’ll see that those who make it through are very happy where they are, because it is the right business environment for them.
The key benefits of choosing a franchise with strict selection criteria means that you are going to invest in a business which is right for you, as well as one which is more interested in successful business than in making money off of bringing in more franchisees and their royalties.
A great example
Have a look at the requirements set out by Cash Converters Southern Africa, and you will understand why they have become one of the most profitable franchises in the region. Furthermore, Cash Converters is a successful business internationally, because their selection criteria and business model work (for both the franchisor and their franchisees).
Take the plunge
All you need to do, once you find an excellent franchisor that knows exactly who is suited to their business best and will enjoy the best success, is to contact them. You’ll find out very quickly which franchise to choose, and if they choose you too, through strict criteria, then you can have confidence in your chances of success.