← Unemployable with Jeff Dudan
Unemployable with Jeff Dudan
How to Choose the Right Franchise | Franchise Friday with Jeff Dudan #176
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Jeff Duden
Hey everybody, Jeff Duden here and welcome back to Franchise Fridays. If you have ever typed best franchises to own in Google or scroll through online rankings wondering which brand might be a good fit for me, this episode might be a good fit for you. Because here's the truth. There's no such thing as the number one franchise, only the number one franchise for you. There are over 4,000 actively growing franchise systems in the United States. And while that creates massive opportunity, it also creates one very real risk. Choosing the wrong business and locking yourself into a model that doesn't fit your strengths, your goals or your life. Today, I'm going to give you a franchise evaluation framework that will help you cut through the noise, eliminate those shiny objects, and make a confident, informed decision about the rest of your life. Because buying a franchise isn't just a financial investment, it's a lifestyle commitment. And when you choose right, franchising can create freedom, control real wealth without you having to do it all alone. Before we get into it, if you want to sharpen your decision making, download a free copy of my book, the Business Athlete's Regimen for a Great Life Through Better Decisions in the link below. It's helped thousands of entrepreneurs make clearer, faster and more aligned choices. And if you're exploring franchise opportunities, take a look at what we're building at Homefront Brands. We're focused on simple, scalable home service businesses with strong systems and high support. Alrighty then, let's talk about how you choose the right franchise for you. Number one, what are your natural strengths? Start with this question. What do I actually enjoy doing? What am I naturally good at? Are you a people person who thrives in sales conversations? Are you a process driven and detail orientated person? Do you like leading teams or are you more of a lone wolf working independently? The best franchise systems are role driven. That means success depends heavily on the owner doing their part well. And if you're not aligned with that role, you're going to burn out fast. So ask yourself these questions. Will I be customer facing or behind the scenes? Will I be driving sales or managing operations? Does this play to my strengths or force me to fake it? Number two, what does your ideal day look like? This isn't fluff, it's where most people go wrong. Ask yourself these questions. What do I want my day to day to look like as a business owner? Do I want to be in a storefront that people walk into or am I more comfortable in a mobile business that serves customers where they live and where they work? What about hours? Are you Looking to work regular business hours? Are you looking to work four days a week or are evenings and weekends okay? Sometimes the biggest opportunity comes at the least inconvenient time for you. Your daily experience matters because this is what your life will look like once you say yes. And if the business model demands 70 hour weeks and you want freedom by 5pm, that's a mismatch. Think lifestyle, then reverse engineer into the right model for you. Number three what's your long term growth plan? Begin with the end in mind? You've heard me say it. Regression analysis is the most powerful tool for a skilled entrepreneur. What are you looking for? Do you need a business that depends solely on you? It might be high margin, low investment, or are you looking to build a regional empire with multiple locations? The investment's going to be much more, but the opportunity may scale to be much bigger. Are you looking to build a legacy business to pass on to your kids? It can be multi generational. Look, different franchises are built for different types of growth. Some models are great for scaling fast and building teams. Others work best when the owner is hands on. There's no right answer, only the right answer for you. And you need to ask those questions. And here's some of them. Will this business grow with me or will I outgrow the model in two years? If it can't scale or you don't want to scale, it might not be the right fit. And maybe most importantly, is this a legacy business that I will pass on to my children and keep in our family for the next generation? Or am I building this business to sell and move on? If that's the case, who is the natural owner or buyer for your business that you're building? What is the market appetite for this type of business? How big do I need to build it for anyone to even buy it? And what do people typically pay? All important questions know your outcome and work backwards from that. Number four, Ask some questions about the system. Is it proven and is the support real? These are critical things for you. When you invest in a franchise, you're buying more than a name. You're buying a business system. This system should include proven operating procedures, real training program both online and in person. And many times in that first week or that first month that you're in business at your location. Do you have leadership that's built and scaled businesses before? Are they authentic? Are these the people that you want to work with? Have they proven that they know how to lead, what it is that you're investing in and a community of Owners that are succeeding inside the model. You might want to ask the franchisor some of these questions. What does onboarding look like? What do I have to do? If you get invested into a franchise system, but the onboarding right off the bat is more than you can commit to, that could be a mismatch. How do new owners get supported? We believe at Homefront Brands that if you start well, it will go well. Think about any relationship in your life that didn't start well. It never went well. So getting off the ground fast, ramp speed to first dollar, getting up the curve quickly is very important. How's the franchisor going to help you enter a market in that way? What does ongoing coaching after launch look like? What does field support include? Do you have people that can help you scale at launch, at mid size and then at large size, whatever that is for that franchise system? And always, always, always talk to existing franchisees and ask them what their experience has been really like. Past performance does not always indicate future results, as we've read, but if you ask the right questions and do your homework, you should be able to get an expectation for what success might look like for you. Number five. What's the owner's role and do you want that job? This is a question that a lot of people miss. What job am I actually signing up for as the franchisee? Some businesses require you to be the public face. Shaking hands, kissing babies, networking, closing deals. Others want you leading from the back, hiring, training, tracking metrics, scaling staff, doing analytics. Look, those are important things in every business. But in that franchise model, what does the owner typically do? What is their highest value role and where can they have the greatest control or the lowest investment in time with the highest chance of success? If the owner role matches your skills, personality and goals, that's great. But when the business aligns with you, how you naturally operate, you're energized, you're not drained. Always remember that the easiest direction to ride a horse in is in the direction that it's already going. So putting yourself in a situation that plays to your your strengths and preferred work style might be the smartest move for you. Now, what problem are you solving? Don't chase the hype. Solve real problems. Ask yourself, does this business meet a need that isn't going away? Home services, for example, will always be relevant. Roof leaks, pipe breaks. Homes need attention. A business that solves real pain points for people consistently and affordably is the one that can grow and can last. And always consider how durable is the business. The reason that we build in property services and home improvement at Home Front Brands is because we believe that this is the most durable space, the safest space for families to invest their futures in. There will be 150 million more people in this country by 2050. There is already a housing shortage in this country, so there will be massive home building over the next 25 years in this country. And with that comes infrastructure. Schools, universities, hospitals, retail. Homefront brands provide services in all of those environments. So we know that There is a 10, 11, 12% compound annual growth rate in home and property services from here to as far as we can see, choosing the right franchise isn't about chasing trends or following the crowd. It's about knowing your strengths, clarifying your goals and understanding the system and aligning your business with the life that you want to live. So here's what I want you to do next. Download Discernment using the link below and use it to sharpen your decision filters as you're at this critical inflection points in your life and it will help you think through the process and decide well. Number two, visit homefrontbrands.com to explore franchise opportunities. And remember, franchise ownership isn't just about buying a business, it's about building a future that fits. Thanks for spending this time with me on Franchise Fridays and until next time, stay sharp, stay focused, stay on the home front. Thanks for listening.