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Explore the "Hidden" Franchise Market

Written by : John McGavin
2007-06-15
Donuts, coffee, and submarine sandwiches. More often than not, these are the types of businesses that I’m most often asked about. And it makes sense, too.

It’s what everyone sees first, the signs for these businesses are everywhere. They are the most obvious, located in the highest traffic areas, and when people think of franchising, it’s most often what they think of first.

But if you have ever been on a job search, you’ve probably heard of the “hidden” job market. It is estimated that up to 75% of all new jobs are not even advertised. They are attained by networking with previous professional contacts and mining new ones.

Career counselors specialize in helping individuals tap these sources. They establish a plan, with goals, and follow them to the jobs that are never going to be posted.

The franchising industry isn’t quite the same, but there are tremendous opportunities that the average person wouldn’t know exists, without having them brought to his attention. >The signs just aren’t out on every busy street corner for him to see. He must also create a plan, with goals, and follow a process to uncover the “hidden” franchise market.

And like the career counselors who provide assistance to the job hunter, so too should the prospective franchisee seek out professional help to tap into the franchise market.

Now, don’t get me wrong. There are some tremendous opportunities in the food industry, and some excellent franchisors to grow with. But we are all different people. We have different personalities, different backgrounds, different skill sets, different likes and dislikes.

We may have lots of similarities with lots of other people, but with enough variation to make each of us unique. Yet the first thing that people think of when they think of a franchise is usually in the food industry. And it’s usually those donuts, coffee, and submarine sandwiches.

A professional franchisor will be open and honest with those people who come to them, and do a fair assessment of their background and skill set. They are looking for a good fit, and try very hard to not put the wrong person in business with them.

It’s not in anyone’s best interests – for the franchisee or for the franchisor - to find out later that the wrong choices were made.

A very good candidate for a business in any of the non-food fields may be put off by trying to go after the wrong business first, and may give up on his dream of self-employment because he is unaware of the multitude of other franchise businesses available!

Or, if in the wrong business, they may perceive their experiences as so negative that not only has it spoiled their own perspective, it can also impact the way their friends and relatives view the franchise industry as well.

That doesn’t help anyone, either.So, how do you find the “hidden” franchise market?

Get professional help on your team. Just like there are career counselors, there are also franchise consultants. They will work with you to examine your profile consisting of your background, interests, skill sets, and the attributes a business should have for you - and help you to build a business model that is the best fit for you.

What will fit the lifestyle that you want to attain?

Are you looking for something to provide resale for future retirement?

Do you want to include family members?

Do you want professional, semi-professional, or minimum wage employees?

Or none at all?

Do you want to trade off of your existing skill set, or are you looking for a complete career change? Do you want to work from a store, an office, or your home?

A franchise consultant will help you through these questions and more to help you find the right business for you. And don’t be surprised if it’s not coffee, donuts, or submarine sandwiches!

If it is, you’ll have the satisfaction of knowing that you have properly researched your needs and wants to make the best decision for you and your family. If it isn’t, in many cases it is a business that the candidate has never even considered, or may not have realized that it was even available to them.

It was out of sight - in the “hidden” franchise market.

John McGavin

FranNet

John McGavin is a franchise consultant offering no charge services to people seeking assistance in finding franchise business that are right for them – affordably, and with safety.

He is a regular contributor to various print media concerning franchising, and has appeared on local cable TV business shows.

John also conducts seminars on franchise ownership through outplacement agencies, in his office boardroom; and has recently begun an internet based format where you can participate from the comfort of your home or office.

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