December 6, 2018

Finding the Best Franchise Opportunity for You

There are many ways to go about choosing a franchise opportunity that best fits your needs. It’s always wise to start your search for the right franchise by looking into the opportunities that seem interesting to you. But when you start looking at all of your options – which range from the food industry, to marketing, healthcare, and more – it can be hard to find a franchise opportunity in a specialty that you can be passionate about. Basically, it boils down to asking yourself: what are the things about my business that are important to me?

Nobody can answer that question for you, but Happy Tax can at least let you know what our priorities are in a franchise relationship. First of all, we’re a customer-centric company, and we’re committed to seeing every Happy Tax customer smile when it’s time to file. And second, we’re in the tax services industry to make real value for the average American.

Franchise Opportunities Offer Different Advantages

It’s always difficult to choose where to invest, and that’s particularly true when you run your own business. Many people recommend finding the right investment is to match your financial resources, business and communication skills, and work experience. And when it comes to the franchising opportunities available in the market today, there’s something for everyone.

Currently, there are about 3,000 operating franchised businesses for a prospective franchisee to choose from - so there is certainly no lack of opportunity in the franchising industry. However, the real trick to becoming a successful franchise owner or expanding your career as a franchisee is to choose the right place to invest your time and money. While this decision is entirely a personal one, there are a few guidelines to help ensure that you chose a franchise that will facilitate long-term success.

A Few Resources to Help You Get Started

There are many resources to help you get a solid foothold in your approach to becoming a franchisee. In the search for advantageous investments and solid franchising opportunities, it is beneficial to utilize contact with; the International Franchise Association, FCT, and The American Association of Franchisees and Dealers. Another option is to seek professional counsel from a franchise-specific attorney, and a CPA; that retains experience in co-operating or franchise tax laws.

These resources may help you obtain a better idea of what you should expect when entering into a franchise agreement with a franchisor. They also may assist you in weeding out franchises that aren’t necessarily in your wheelhouse, or franchises that have not generally been successful.

The Value of Professional Feedback

There’s nothing like the first-hand experience. Franchisee feedback may offer a glimpse into the working relationships between franchisor and franchisees. There is a significant amount of information that can only be obtained through direct experience, and it’s invaluable to a new franchisee. This is part of the reason why Happy Tax offers mentorship and support programs aimed at giving its franchise partners the tools they need to succeed.

As the success of franchisees may offer a better picture into, whether you should expect your franchise to thrive, it is a good idea to do some research into success rates of franchisees participating in your prospective opportunities. Some points to focus on include whether franchisees are meeting performance standards, the presence of any lawsuits involving franchisees, franchisee and employee complaints, how many franchisees have gone under, and location non-compete clauses.

There’s No Replacement for Good Research

Most franchisees will find themselves spending long hours attending to their franchise. This makes it relatively important that the franchise you choose is something you are passionate about. If you are unsure about whether or not a category of an industry will instill a sense of captivation or passion in you, then you may request that the franchisor allow you to spend a few days within the actual franchise operation. This would allow you to get a sense of the day-to-day operations within the company, give more insight into the actual product, and allow you to observe employee relations.  

Before you commit to investing yourself and your finances into a franchise, you should familiarize yourself with the operations and marketing strategies of that particular franchise. It is important to gain these bits of knowledge before you invest in a company, as you don’t want to invest in a company that chooses poor marketing strategies or poor operating procedures. Especially, if as a franchisee you do not retain the right to influence those areas of the business.

Some franchises require a knowledge base in a specific industry. Most franchisees chose a franchise opportunity within an industry in which they are experienced. In fact, if a franchisee does not have prior experience, he or she may be precluded from participating in the opportunity at all. At the very least, becoming a franchise owner may require education prior to working with the company.   

Happy Tax has developed a unique franchise model that leaves our in-house team of tax experts with the heavy lifting. All Happy Tax customer returns are reviewed by a licensed Certified Public Accountant working at Happy Tax headquarters. This leaves franchise owners free to focus on building their clientele and getting the word out about the potential savings many of us can see around tax time.

All-in-all starting or expanding your career as a franchisee is no simple undertaking. The research phase in this important decision may seem daunting, but it must be taken seriously. After all, your career choice is nothing to scoff at. It takes a huge amount of time, effort, and finances to ensure a franchise runs smoothly. However, if you prepare financially, do your research, and look for a franchise that meets your skill set, then you are well on your way to finding the best franchising opportunities for you and your career.

Happy Tax

The #1 tax filing solution that combines expert CPA tax preparation with a fast, easy, convenient, and secure mobile experience!
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