What Factors Are Key When Deciding To Buy A Franchise?
Updated: Nov 23, 2021
Buying a franchise is a big decision. As a prospective franchisee, there’s a lot for you to consider. Here are the top key factors that you should keep in mind when deciding to buy a franchise.
Buying a franchise is a business decision and the primary goal of a business is profits. Quite simply, if the franchise you’re considering doesn’t have a profitable business model, it’s almost certainly not right for you.
You don’t want to hop onto a sinking ship if you don’t have to. It can be difficult to assess the exact profitability of the franchise you plan to open because of variable factors, like location and population, but be sure to look at financial data from other franchises anyway.
You should be able to get a sense of whether similar franchises are profitable and how they achieve that. At Honest Abe Roofing (HAR), we have a strong track record of profitability that’s enticing to even the most cautious franchisees.
When it comes to signs that a business is healthy and has a sustainable business model, a strong average ticket is important. After all, you’re getting into business for yourself to generate revenue, wouldn’t it make sense to get into a franchise that has a large average sale?
Picture this: You have a goal of $1,000,000 in annual revenue, and you’re weighing your options between two franchises that have average tickets of $1,000 and $10,000 respectively. The path to $1,000,000 is 10 times more difficult for the latter. You’ll have to generate 10 times the amount of leads, have 10 times the amount of employees, and potentially, 10 times the amount of stress and liability. Honest Abe Roofing delivers well on this front — Our franchisees boast some of the highest average tickets of any franchise in the service industry.
Your Level Of Interest
Presumably, you gravitated toward franchise opportunities that were in line with your interests, or one that could allow you to use your skills, like sales. Make sure you choose a franchise that sells a product or service that will allow you to shine. This will only deepen your commitment and likely trickle down to your employees as well.
At Honest Abe Roofing, franchise owners enjoy the opportunities to explore their various passions while providing customers with the best possible service.
Level Of Support From Headquarters
A big part of owning a franchise is being able to turn to the franchisor for help and support. It’s probably not the wisest idea to open a franchise that lacks strong support from headquarters. A capable franchisor understands that the success of their business is directly related to your success as a franchisee.
Franchisors that value their franchisees, support them, and invest in their development are ideal. You won’t find better support as a franchisee than that offered by Honest Abe Roofing. We’re in it together with our franchisees and will be there for you when you need it.
Once you take all these key factors into account, you’ll be in great shape to decide whether opening a HAR franchise is right for you.
With that in mind, if you'd like to learn more about owning a HAR franchise, contact us for an honest conversation to see if we’re a good fit! For more information and our latest updates, follow us on Facebook, Twitter, LinkedIn or Instagram.