Exploring franchise opportunities is an exciting endeavor. However, it can be overwhelming to determine which franchise is the best fit for your capabilities. There is a lot to consider when buying a franchise. Some of the common questions franchise-minded entrepreneurs ask are:
- What level of training does the franchisor provide?
- What support does a franchisor provide in economically tough times?
- Are there opportunities to grow by opening more locations?
Are there opportunities to make a difference in my community by giving back?
Once they’ve discovered a franchise business opportunity that aligns with their values, financial resources, and professional goals, many candidates look for ways to validate a franchise opportunity, meaning they look for information that confirms (or refutes) the information the franchisor publishes about itself.
Validating a franchise helps the potential business owner make an informed decision about the best franchise to buy. Validating information sets one franchise opportunity apart from the others.
What are some of the best ways to validate a franchise? We recommend talking with current franchisees, exploring a franchisor's awards and rankings, and checking up on recent news about a franchisor. Here's a guide to effectively validating a franchise opportunity to make sure it aligns with what you are looking for:
Connect with Current Franchisees
Who better to give insights on the viability of a franchise opportunity than current franchisees? Direct conversations with existing franchise owners can provide the guidance that prospective franchisees are looking for during the validation process. Candidates should ask questions that elicit insight into the franchisees’ day-to-day experiences. You should ask how they established their staffing business in their local market. You should also ask about the level of support the franchisor provides. Learning more about each of these elements directly from those who are in the thick of the business will paint a clearer picture of what your life would be like as a franchisee within the system.
Explore Awards and Rankings
A franchise's accolades speak volumes to its credibility. Digging into industry-specific awards and rankings can shed some light on the work the brand is doing in its field.
As the most-awarded staffing and recruiting franchise, staffing industry pillars such as Entrepreneur Magazine, Forbes, World Staffing Awards, Franchise Business Review, Franchise Times, and many more have recognized Spherion. These independent organizations, often backed by anonymous survey data, have designated Spherion as a franchisor that offers a great investment value, outstanding workplace culture, top franchisee satisfaction, and an overall top-tier staffing experience.
The awards that a franchisor accumulates can be a testament to the strength of its business model. Many franchisors like Spherion—and many entrepreneurs like you—see awards as a core differentiator for their brand.
Peruse the Franchise in the News
A franchise's visibility in the media can gauge its standing within the industry and the local communities its franchise network serves. News coverage underscores the brand's impact on the industry as a whole. So, scrutinizing news coverage to discern how the franchisor navigates and adapts to industry trends and challenges is paramount.
Check out national stories about the franchise brand to learn how others perceive it. Research local media coverage to learn how individual franchise owners operate and succeed. Local news is often a more accurate picture of how everyday challenges and opportunities affect a typical franchise location. How independent outlets portray a franchisor can be hugely informative for a franchising candidate looking to understand the perception of the brand within the industry it serves.
Validating a Franchise Ensures Your Investment is Sound
Developing a thorough validation approach by engaging with existing franchisees and parsing through the brand’s presence in the industry goes a long way in ensuring that your investment is a sound one. It’s smart to do some of your own research when validating a franchise opportunity to develop a better understanding of not only what franchising with them would look like, but also how your skillset would fit within their franchise network.
For more information about franchising with Spherion, connect with the franchising team today.