Choosing the right franchise for your future can be an overwhelming task. To help make your decision easier, Creative Colors International Inc. recommends what to consider before buying a franchise.
Investing in a franchise allows you to be in business for yourself, but not by yourself. It’s an opportunity to operate a recognized brand with a proven track record of success. In 2021, the International Franchise Association projects there will be more than 780,000 franchises in the United States, generating more than $780 billion. Franchises are slated to provide jobs for at least 8.3 million people. While people typically think of big chains like McDonald’s, Marriott, and Planet Fitness when they envision franchising, there are numerous affordable options for investors with any budget. Franchisors cover a wide variety of industries and formats. Some franchise products, others focus on franchising jobs, or provide scalable business models that can grow over time. Brick-and-mortar locations require a storefront, and some franchises are designed to operate from afar for people interested primarily in making an investment.
With so many different options, it is difficult for a budding business owner to know where to start. CCI, the leader in mobile leather and vinyl repair, compiled a list of the 10 franchise considerations you need to evaluate before buying a franchise to help streamline the process.
- Profit Potential. You’re buying a franchise because it has a proven track record of generating results. It’s vital to determine that the business you invest in meets your profit expectations. Take a close look at its financial records and discuss sales with other franchisees in the system to make sure they are successful.
- Competition. Do a deep dive into the market. Find out who your top competitors would be and see if it’s a brand that stays a step above the competition. When it comes to the auto industry, there is a car wash on every corner. If you are interested in pursuing a unique business model that allows you to combine your passion for cars with other revenue streams, CCI’s skilled technicians can restore car interiors to like-new condition on site.
- Repeat Business. One of the biggest challenges for new business owners is building a solid customer base. Your franchise should not be a one-and-done proposition. You need to pick a business that allows you to build customer relationships.
- Multiple Revenue Streams. The franchise model you pick should rely on multiple revenue streams to ensure profitability. CCI offers a robust B2C business as well as a B2B business. Franchisees can opt to focus on consumer services or the auto industry. Following the outbreak of the pandemic last year, CCI added a Sanitizer & Disinfectant to its lineup to allow franchisees another tool in their arsenal to generate sales.
- Scalable Business Model. Starting your business small might be the safe option. By selling territories, franchisors allow their new business owners the option to grow as they generate sales. CCI offers both single and multi-unit options to encourage scalability.
- Training and Support. The franchise you choose should provide ample training and support to enable you to become a brand expert and lead your new business venture with confidence. All CCI franchisees attend a three-week training at corporate headquarters, and a field representative will be with you for one week to provide assistance when you start your business. The corporate office also provides ongoing training, and the introduction of new products and concepts are provided through regional meetings, advanced technical seminars and annual conferences, field visits, the CCI intranet, and the toll-free technical support line.
- Marketing Strategy. One of the advantages of franchising is pooling resources for marketing. It allows you to concentrate on the day-to-day operations of your business and leave marketing to the experts. CCI franchisees participate in a national accounts program, and the corporate office provides franchisees with marketing materials, including print ads, pamphlets, flyers, and vehicle graphics.
- Cost. Nothing is free. Make sure to understand the cost of opening your new franchise to ensure it fits your budget and lifestyle goals.
- Work-Life Balance. One of the reasons you are likely considering franchising is to escape the corporate grind and find a work-life balance. Cutting out your commute and operating a home-based business model is a great option. CCI’s franchisees set their own schedules, enabling them to fit in time to attend swim meets, baseball games, and anniversary dinners. CCI is a second-generation family-owned business, and it strives to treat all of its franchisees as part of their family.
- Fine Print. Any time you are considering making a large investment, it’s important to read the fine print. You need to understand the details of the deal. CCI offers a Discovery Day that allows prospective franchisees the opportunity to visit the corporate office as well as do a ride-along with one of our mobile operators. Our staff and franchisees are available to answer questions and provide operational transparency as you consider your future.
To learn more about the restoration franchise opportunities at CCI, visit: www.creativecolorsintl.com/franchise-opportunities/request-franchise-information/.