If you are considering investing in a franchise, Moran Family of Brands has tips for how to choose a franchise that meets your goals and expectations.
There are endless franchise options in the United States, spanning a wide range of industries. By providing a roadmap for business owners, franchising offers entrepreneurs the chance to own their own business with a brand that has a proven track record, training, and support. While home services, healthcare, and delivery food service franchises are thriving, there are a variety of other opportunities with a track record of providing owners financial freedom and self-sufficiency.
For example, Moran Family of Brands is the franchisor of six different concepts in the aftermarket auto and window tinting industries, including Milex Complete Auto Care, Mr. Transmission, and Turbo Tint. If you are a car aficionado or are searching for a business that will become a mainstay in your local community, Moran may be the right choice for you.
With such a wide array of choices to consider, it’s important to carefully lay out your goals and expectations for your new venture. Are you interested in operating a service franchise or a product-based establishment? Do you want to be an owner and operator, or do you prefer being behind the scenes? How soon do you need to generate a profit? How much can you invest in your new business? After you’ve come up with a solid list of goals and expectations, it’s time to get started and find a match. To choose a franchise that achieves your vision, make sure to do your research.
Here are the five key things to look for when shopping for a franchise.
- Demand. If you want to be successful as a business owner, you need to offer the right product or service. When vetting potential franchises, make sure there is a market for the business in your local community. Take a look at the competition and see how the brand sets itself apart.
- Financial Performance. Signing on the dotted line as a franchisee requires a big investment. When you are conducting your due diligence, it’s important to learn how long you can expect it to take before your franchise turns a profit, as well as how much you can expect to earn. Talking to existing franchisees and paying close attention to the Financial Disclosure Document will give you insight and assurance that your investment will pay off.
- Company Philosophy. Your franchisor will be your business partner, and you will rely on their insight and support to succeed. Thriving franchisees pick a franchisor that shares their values and vision.
- Meets Personal Goals. Periodically touch base with your personal goals to make sure the franchise you are evaluating meets your needs. If you want flexible hours, a retail location may not be a wise choice. If you want a work-life balance, a business operated out of a home office may tempt you to work long hours. With the amount of variety in the franchising industry, take the time to find one that accomplishes your vision.
- Cost. Franchises run the gamut when it comes to cost. The industry offers low-investment options under $25,000, as well as high-cost choices with multi-million-dollar price tags. Knowing the amount you are financially capable of investing will help trim your choices down to a manageable number.
Moran Checks All the Boxes
Moran has more than 20 years of experience in the franchise industry and prides itself on encouraging its franchise owners to be team players who provide quality customer service. The rising age of cars on the road and the high cost of new vehicles is helping propel profits for aftermarket auto franchises, including Moran’s brands.
The aftermarket auto industry offers a pandemic-resistant investment for entrepreneurs, and Moran sets itself apart by providing a co-branding advantage, allowing franchisees to operate two brands under the same roof. Co-branded locations generate higher ticket prices and offer a one-stop shop for customers. The initial franchise cost for a Moran repair shop starts at $118,000.
Learn More About Moran
As you start to learn more about the variety of auto franchise opportunities and how to choose a franchise, find out more about the benefits of investing in the aftermarket auto and window tinting industry by contacting Moran to request information.