What is the best franchise to buy in 2020?
Updated: Nov 23, 2021
We hear that question a lot from folks that inquire about our franchise. So we figured if a lot of people are asking us that question, then chances are there that want to know what the best franchise to buy is. So we're going to tell you!
We obviously want to say that the answer to the question is, "The Honest Abe Roofing Franchise is the best franchise in 2020, and in every other year" - it is by the way...! But, even though our franchisees say we're the best franchise, the real answer is more complicated than that.
The real question that should be asked is, "What franchise is the best for ME?".
There are over 3,500 franchise systems out there from which you will be making your decision. Choosing a franchise is like choosing a spouse, it's personal to the individual. There is no right answer to "who is the best spouse in the world for everyone?", because people have different tastes, interests, attractions, life goals, and backgrounds. There is no cookie cutter way to find a spouse, and there's no cookie cutter way to choose a "best franchise".
Here are some tips to narrowing the field of which franchise is best for you.
Start with what YOU want.
Begin your journey towards opening a new franchise business by writing out the answers to the following questions:
1. What will my business sell? - (Product, Service, Both)
2. What type of product or service will I offer? (high-end, low-cost, Middle-cost)
3. Who will my customers be? (Businesses, Consumers, Both)
Now that you have the answers to the first round of "What franchise is best for me" questions, you will begin to visualize the type of franchise that works best for you.
Example 1: If you answered | Product - High-End - Business | You may be suited for a sign franchise, or an advertising agency franchise.
Example 2: If you answered | Service, Low-Cost, Consumers | you may be suited for a power washing franchise, or a lawn service franchise.
Example 3: If you answered | Service, High-End, Consumers | you're likely a good candidate to consider an Honest Abe Roofing Franchise.
Is it becoming clearer?
Now let's move on to step 2 - Narrowing the field. In this section we will start to visualize what your franchise will look and act like.
1. How many employees do you want? (keep in mind that you will be responsible for hiring, training, holding accountable, and firing all of these people) - (1-10, 10-20, 20-30, 30-40, 40-50, 50+)
2. What is your revenue goal? ($100k-$500k, $500k-$1 Million, $1 million-$2 million, $2 million to $5 million, $5 million+)
3. Do you want to own a job or run a business?
Let's take a look at the possible scenarios to give you some more direction.
If you fell into example 2 earlier and answered
1. 50+ Employees, $2 million to $5 million, run a business | A multi-unit hair-cutting franchise (Great Clips, SportClips, etc.) could be right for you!
2. 1-10 Employees, $5 million+, run a business | An Honest Abe Roofing Franchise is still in the running for you.
Having the answers to all of the questions above will help you narrow the list of which franchise is best suited for you. Do your research online by visiting the websites of the franchises that fit the determined criteria. You can learn a lot about franchises without even having a conversation with anyone. All of the most successful franchisees in our group came to us with their lists narrowed down to less than 5 possibilities.
As you continue down the road toward opening your own franchise, you have a lot to consider. The questions above are just a preliminary look into which direction your interests push you. As you narrow the field, it's important to keep the answers above in mind. As you reach out to, and have conversations with the franchises that fit you, just remember, it's their job to sell you on the business model. You must be discerning when choosing the right franchise for YOU!
If you choose poorly, both you and the franchisor will suffer. You will feel like the "bad guy" in the classic Indian Jones and the Last Crusade scene where he chose the wrong grail to drink from and turned to dust. In the case of choosing the wrong franchise you won't turn to dust, but your bank account - and your future will.
But if you choose wisely, you/your business will become successful and help contribute to the growth of the franchise system in the process!
Choose wisely and you'll be rewarded!