Are you ready to make a change in your life and become your own boss?
It’s the dream of many and it takes a lot of hard work and dedication to realize that dream. If you’ve considered becoming an entrepreneur and going into business for yourself, you may have already searched “franchise opportunities near me” for some ideas on how to get started. If so, you’ve seen the types of franchise businesses available in your area and may have even searched your favorite brands to learn about available franchise markets.
Or perhaps you’re not set on a specific brand or company yet, and you’re researching all types of franchise opportunities to see what might be the best fit for you. Either way, learn more about how to evaluate franchise opportunities and more, on your way to becoming a small business owner.
How Do I Evaluate Franchise Opportunities?
Evaluating a franchise opportunity is a lot more than simply searching about it online. While it’s a great place to start, you’ll also want to dive deeper into the details of available franchises to narrow down your options, then conduct a thorough due diligence process before you commit to a specific franchise system. Before you part with an investment or sign any paperwork, consider these aspects in your franchise evaluation process.
Financials
Financial information is one of the most important pieces of the larger franchise ownership puzzle. A significant draw for people to become business owners is the earning potential—the chance to make more money and secure your finances into the future.
You’ll need to start by researching the total franchise investment, including fixed and variable fees, operational costs, rent, real estate and any other associated costs. This will give you a thorough understanding of your costs versus what you could earn by owning your franchise.
Then, it’s a great idea to speak to the franchise development or corporate team to discuss earning potential and reach out to existing owners within the network to gain additional insights.
It’s also recommended to consult with professionals like an attorney and/or accountant to review financial and legal information that may have a bearing on your decision to become a franchise owner. They’ll help you review the franchise disclosure document (FDD) and help guide you through the process of becoming an entrepreneur.
Brand Reputation
Brand awareness and reputation are also major considerations when deciding between franchise opportunities. Think about it from a consumer perspective—if given the choice of doing business with a well-known brand or one that you’ve never heard of, you’d more likely choose the better-known brand.
That’s because you already have a perception of the brand and what the experience should be like, and because it’s a franchise, you can trust that you’ll have the same experience in a new location that you did with a totally different location.
The power of a brand name impacts both franchisees and customers alike, attracting both to the business, as well as differentiating it from the competition and increasing the value of the franchise.
Number of Locations
Another factor you’ll want to consider when evaluating franchise opportunities is the number of existing locations. If it’s a new franchise brand, there may not be too many locations operating yet, or perhaps the brand is in a rapid growth phase with a focus on opening as many units as possible. It’s also possible that the franchise has been in business for decades with an existing customer base, excellent reputation and established franchise model.
The UPS Store has over 5,000 locations across the U.S. and has continued to expand over the last 40 years. Many franchisees own multiple locations and bring the value of small business services to their communities, building relationships along the way.
Types of Franchise Opportunities
In your search for “franchise opportunities near me,” you may have come across different types of franchise options within the same system. For example, The UPS Store offers non-traditional store options to allow franchise owners to tailor their locations to their expertise and interests, as well as the needs of customers in their communities.
The Store in Store concept was launched in the 1980s to set up The UPS Store centers in hotels, convention centers and other businesses, and in 2016, the idea was expanded to allow centers inside other businesses like pharmacies and hardware stores. The concept allows business owners to expand services to their existing customer base and become more of a one-stop shop, adding value to their communities. Other examples of non-traditional store concepts with The UPS Store include military bases, colleges and universities.
Corporate Support
Before you decide on which franchise opportunity to pursue, you’ll want to have a good idea of the type of support available to owners, from the initial training phase to after you’ve opened your doors.
New franchisees with The UPS Store complete a comprehensive four-phase training program which involves over 200 hours of web-based and in-store training, along with an interactive university business course, all designed to prepare owners for daily operations.
Franchise owners also receive advertising and marketing support across the country through national advertisements and marketing campaigns, including television, digital, print and radio. Regional and local advertising campaigns are prioritized to foster growth in the community, and there are also turn-key marketing tools to help franchisees establish themselves outside of their stores and into their local communities.
Corporate support and guidance are available every step of the way with The UPS Store.
Franchise Opportunities Near Me
If you’ve made it this far in your search for franchise opportunities in your area, be sure to visit the available markets page to see just how close you could be to becoming your own boss and making a difference in your community like many other franchise owners. No matter your background or career path thus far, there is a place for you at The UPS Store.
Learn more about franchising with The UPS Store by contacting our franchise development team to discuss the possibility of owning your own retail location.
