How to Choose the Right Franchise to Own for Your Future 

It’s time. You can just feel it in your bones.   You’re ready to own your future. You’re ready to create your own path to personal and professional growth. You may be ready for franchise ownership.   That’s the good news.  

But there’s one big question you still need to solve: how do you find the right franchise for you to own?  

Don’t worry, you don’t have to figure it out all by yourself. We understand the ins and outs of franchise ownership, and we’re here to lay out some of your options, help you to find your wants and needs, and help you dive deep into what you really want in your future.  

So, let’s take a look at some of the most important pieces you may want to know the answers to before owning your first franchise.  

Why Am I Doing This? 

Only you can answer that question. Is it the potential for financial independence, a flexible lifestyle, chasing a passion, or a combination of these factors? Remember, franchise ownership is a significant commitment. Aligning your franchise choice with your 'why' may be crucial for long-term happiness and fulfillment. 

Here are a few things to consider: 

• Clarify your long-term vision. What do you want your life to look like in 5, 10, or even 20 years? Might this franchise help you get there? 
• Identify your ideal industry. What excites you? Where do your skills and interests lie? 
• Assess your risk tolerance. Are you comfortable with a certain level of uncertainty or do you prefer a path you perceive as more established? 

Before you get close to making any big decisions, you may want to make sure they align with what you hope to get out of franchise ownership. After all, you’re going to want to do what makes you happy in the long run.  

Then, you can start to whittle down your options. But first, you need to know what some of your options are… 

Where Can You Explore Franchise Opportunities?

So, where do you start?  There are numerous trusted sources on the internet to help you find the right franchise for you to own. It just takes some research, some reading, some note-taking, and some clicking. Here are some reputable resources for you to click around on: The International Franchise Association</a> 

This comprehensive database allows you to search for franchises by industry, investment level, and location. 

Entrepreneur

You likely will want to make sure the franchise you own is one with a solid reputation. Entrepreneur offers their annual “Franchise 500” ranking, which may be a valuable resource for comparing ranked franchise opportunities.  

Franchise Business Review

This independent organization provides franchisee satisfaction ratings and reviews, offering candid insights from those in the trenches. It also provides a list of which it determines are top franchise options by awards, by investment, and by industry.  

But, you don’t have to limit yourself to online research. You can attend franchise expos, network with industry professionals, and seek out advice from seasoned franchise consultants. 

Does Location, Location, Location Matter? 

If location matters in homeownership, it may matter to franchise owners as well, especially if you own a physical location. You want people to find you easily, whether they’re looking for you or not. Here are some important factors you may want to consider: 

• Foot Traffic vs. Digital Presence: Does your ideal franchise rely on physical customer visits or can it thrive primarily online? 
• Target Market: Is your desired location compatible with the franchise's target demographic? 
• Competition: How saturated is the market in your chosen area? Is there room for another player? 
• Local Regulations: Are there any zoning restrictions or specific permits required for your franchise? 

Want to look more into location? Check out this blog for more about the good, the bad, and the ugly of finding the right franchise location.  

Is Brand & Reputation Important to You?

A strong brand can be a powerful asset for you and your franchise, even more so when you’re just starting out. However, that doesn’t mean there may not be benefits to owning a franchise without the notoriety. Let’s check out some things to consider: 

• Brand Recognition: How well-known is the franchise in your target market? If it’s less recognizable, are you ready to educate the local market about the value you bring to the community? 
• Reputation: What do customers and franchisees say about the brand? Check online reviews and testimonials. 
• Industry Standing: Is the franchise a leader in its field? Does it have a track record of innovation and growth? 
• Marketing & Support: How does the franchisor help franchisees with marketing and branding efforts? 

Remember, when you’re investing in a franchise, you’re also investing in the brand (or will have to create one).  

What Level of Education & Support Do You Want?

A good franchisor is invested in your success. So much so, that they’ll have education, onboarding, support, technology resources, marketing, and more available to help you get up and running (and continue running in the right direction). Here are a few questions you might want to ask your potential franchisor: 

1. What kind of onboarding and education programs are offered? Do they adequately prepare you to run the business? 
2. Is there a dedicated support team available to answer your questions and provide guidance? 
3. Does the franchisor offer marketing materials, tools, and technology platforms to help you operate your business? 
4. Is there a network of fellow franchisees for sharing best practices and support? 
5. Once you get the answers to these questions, you can assess how comfortable you are with moving forward.   

Have You Considered a Mortgage Brokerage?

If you're seeking a rewarding franchise opportunity in the mortgage industry, Motto Mortgage may be worth considering. Here are a few reasons why: 

• Established Business Model: Backed by a reputable brand with a strong track record. 
• Ongoing Education and Support: Receive extensive edcuation and ongoing support from industry experts. 
• Cutting-Edge Technology: Leverage innovative tools and platforms to streamline your operations and enhance customer experience. 
• Collaborative Culture: Join a network of passionate franchisees committed to helping each other succeed. 

Plus, Motto Mortgage has raked in numerous awards throughout the years, including an Entrepreneur 2024 Franchise 500 and #1 Miscellaneous Financial Services Category Award.  

The Right Franchise to Own

Selecting the right franchise is an exciting yet crucial step. By carefully considering your 'why,' conducting thorough research, and evaluating key factors like brand reputation, education & support, and location, you may be well on your way to finding your perfect match. 

Remember, this is your entrepreneurial journey. Choose a franchise that aligns with your passions, goals, and values.