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1. Evaluate Yourself and Your Goals
This is an important part of the process. Take a look at what you want from a franchise in the long term. Ask yourself important questions. Do you want to spend a lot of time at the business, running it on a day to day basis, or are you thinking about opening several franchises over the long term that you will oversee while allowing other managers to handle the day to day? Are you looking for a franchise in line with something you enjoy doing or are you simply looking for a franchise that will bring you financial success. Ideally, a combination of both is good, but if what you want is a franchise that is in line with what you enjoy (hobbies, interests, area of expertise, etc.), this is going to dictate your choices when you look at franchises for sale.2. Financing Options
Very important to consider is the financing. Are you going to get a loan, are you looking for a franchise that can help with the financing. Do you have private financing already in your corner. You need to know where you're going to get the money before you start looking at franchise opportunities. Unless you have money in the bank you can use from personal funds, you need to know how much money is available to you, which will most certainly dictate your choices in the franchises you can consider buying.3. Evaluate Broad Industries
What this means is, take a look at the areas you might want to consider for a franchise business. Don't look at specific companies right now. That can happen later on, when you have made a decision about the specific industry you would like to be a part of. Are you interested in health care, entertainment, the food business, or the automotive industry? There are so many industries with franchise opportunities available that you will want to spend time making the right choice. As you evaluate these industries, look for those that have shown a track record for success and indications that the industry overall will continue to grow.4. Narrow Your Choices
Now it's time to narrow down those choices you've made when regarding the industries you feel are most suitable for those goals you've set for yourself in step one. A good way to do this is to consider options that are recession proof. The economy fluctuates and can have a major impact on how your franchise is doing. The best way to work around this is to look at those franchise opportunities that are generally recession proof. Food franchises, automotive repair, child care and education, and "essential" goods and service franchises are likely candidates. Any franchise that deals with items considered to be "luxury" or "non-essential" may not provide you with the income you're looking for if a recession hits. What do people spend money on regardless of the economy? This is the industry you want to be a part of.5. Identify Specific Companies
Now you can consider specific companies. The same attention to detail is important here. Narrow your choices down to specific companies in the industries you've determined fit your goals, fit your industry, and fit the recession-proof criteria you've set. Make a list of the companies you are interested in and begin researching each of these businesses. Look at their individual track records, read what other franchisees say about franchising with the company, and look at the success rate of individual franchises for the company.
