How to spot a winning franchise

By Sarah Stowe | 18 Jun 2019 View comments

How do you find a winning franchise? Which franchise is right for you is very much a personal issue. But there are some simple techniques and tips that can help you evaluate which business has the right potential.

In this podcast, John O’Brien, the founder and CEO of Aussie franchise Poolwerx, talks about the key elements any franchise buyer should consider.

For starters, what are the absolute basics that need to be looked at? John O’Brien points to the longevity of the business, the geographic spread of the franchise chain, and whether or not it has been awarded for its business practices.

How to spot a winning franchise

But of course there is so much more to spotting the best franchise opportunity. And in this 20 minute podcast John O’Brien brings all his experience from years of franchising.

Of course there’s a great way to find out if the business holds what you’re looking for in a new career, a discovery day. This gives potential franchisees the opportunity to delve more deeply into the business. Because as he points out, most franchisees are dipping their toes into a brand new industry.

That’s where training becomes key.

It’s one of the key factors he suggests. John O’Brien outlines for franchise buyers what are the most relevant areas of the business: training, marketing, technology, vision and culture.

Marketing is going to bring clients or customers to your business. So the one thing above all else to look for is great marketing, he says.

How to find out about franchisee profitability

All franchisees need to make money, and to get a good return on their investment. The key to success is getting together a good business plan, says O’Brien.

The Poolwerx CEO shares practical tips on how to find out more about the financial aspects of the potential business.

Most importantly, he offers some advice on ways to discover the potential profits – what to look for, who to speak to…

Have a listen…