Does it feel like you’re swimming upstream at your corporate job? If you’re tired of the corporate grind, Creative Colors International can help you chart a new course as an entrepreneur.
Franchising can help you navigate uncharted waters and give you the confidence to dive into a new future. It offers a turnkey business with a proven track record of success. Partnering with an established brand provides the training, tools, and ongoing support you need as you tackle the day-to-day aspects of running a business. You’ll have a peer network for best practices and advice.
Operating a national brand can help you gain a foothold in the market and establish trust. Despite the economic roller coaster of the past few years, at least 64% of franchise owners are “somewhat” or “very” happy they opted to open a franchise, according to Guidant Financial.
But, there are more than 4,000+ franchise brands in the U.S., and finding the right business takes work. How do you choose a franchise when there are so many options? Here are the seven things to consider during your decision-making process.
- Identify your goals: Start by assessing your interests, skills, and financial capabilities. Determine what type of business aligns with your passions and experience. Consider your investment budget, risk tolerance, and the time you can dedicate to running the franchise.
- Explore franchise models: Explore different franchise models, such as retail, service-based, home-based, or mobile. Each model comes with its own set of advantages and challenges. Understand how these models fit your lifestyle and preferences.
- Market research: Narrow down your choices by researching recession-resistant industries. Avoid the lure of a new trend. Flash-in-the-pan concepts are exciting, but don't generate the long-term staying power you need to be successful. Consider market trends, competition, growth potential, and industry stability. Look for a franchise in a sustainable sector that can be profitable for years to come.
- Startup costs: After you’ve narrowed down your options, do a deep dive into individual brands. Look at a franchisor’s growth strategy and plans for expansion to determine if it's a healthy franchise system. Evaluate the total investment required to start and operate the franchise and ensure that the financial requirements are within your budget and align with your revenue expectations. Analyze the Franchise Disclosure Document (FDD) of the brands you are considering. The FDD contains crucial information about the franchisor, franchise agreement, financial performance, litigation history, and more.
- Training: Inquire about the level of support and training. A robust training program and ongoing support can be instrumental in your success as a franchisee, especially if you have limited experience in the industry.
- Conduct validation: Reach out to current and former franchisees to gather insights about their experiences with the franchisor. Ask about satisfaction, profitability, challenges, and the level of support.
- Franchise culture and values: Before you sign a franchise agreement, consider the franchisor's culture and values. Choosing a franchise that aligns with your principles and ethics can improve your chances of success.
CCI: Setting the Standard in Mobile Franchise Success
CCI has 32 years of experience helping entrepreneurs launch successful careers in the lucrative restoration industry. Jim and JoAnn Foster started the leather and vinyl repair business in the Chicago area in 1980. As they expanded, the husband and wife team turned to franchising in 1991 to fuel growth. CCI is still a family business, and the second generation spearheads the corporate team today.
We’re a low-investment mobile business with startup costs of $86,980 to $102,410. Our customer base ranges from individual consumers to businesses like automotive dealerships, furniture stores, and more. This versatility allows you to target different markets and expand your revenue streams. As a CCI franchisee, you’ll get training and guidance to scale your business at your own pace and set your schedule.
Request franchise information to learn more about partnering with CCI to launch a mobile repair business.