One of the most common questions I get is “what franchises are hot right now? Personally I think this is one of the least relevant questions to ask – first how do you define “hot”?
Is it which franchisors are selling most franchises?
Is it which franchisors are in exciting, emerging markets?
Is it which franchisors have the most happy and successful franchisees?
There are probably at least a dozen ways you could define “hot”, but the trouble is that not one of these can help you determine what options you should be looking at. While some of the answers might indicate a strong propensity for other people to achieve success in a particular franchise, there is absolutely no guarantee that you can achieve similar success if you were to own that same franchise!
Getting into a franchise that is supported by strong market trends is certainly beneficial, but there are many franchise systems that perform well despite economic conditions so this should not be a sole determinant. Likewise, getting into a franchise system with a strong track record of success is also important, provided that your skills are well-suited to that business, and provided that you are prepared to do what’s necessary to drive success for that concept .
So instead of trying to figure out “what is the hottest franchise?” and then buying that, I recommend that you start your search by doing a thorough inventory of your skills, abilities and interests, and then figuring out what financial and lifestyle goals you want to achieve through buying a business. Once you have greater clarity on this, then these things become the most important search criteria you should be using to search for your ideal business. There’s lots of opportunities out there that are interesting and that have enabled other people to achieve success, but if it doesn’t take you where you want to go and doesn’t leverage your core skills and abilities, then you are only creating a massive amount of risk for yourself should you buy it!
Thanks for listening; I hope to have the opportunity to work with you in finding YOUR ideal franchise.