|June, 2007 – Source: Franchise Research Corp.
Only a few generations ago, tech franchises enjoyed limited availability. But thanks to the cyber revolution which changed the way people buy, live, earn, and connect, the international marketplace is awash with franchise opportunities related to computers, multi-media, document shredding, technical tutoring, and Internet business coaching.
Though you don’t need to be a self-professed “geek” to become a tech-related franchise owner, you should have a natural affinity and respect for the products or services you’ll offer to the public. Otherwise, your disinterest or lack of knowledge could severely hinder your ability to make a profit or remain competitive.
Getting to Know the Tech World
Your first step to buying a tech franchise is to understand and accept the way the tech world works. Technology progresses rapidly and transforms on an almost daily basis; hence, the tech company you operate today will not necessarily be the same (or have relevancy) tomorrow.
Case in point, consider what would have occurred if a franchise had been built around Beta video cassette recording machines in the late 1970s and early 1980s. Within a few short years, that franchise would have become obsolete unless it had switched its focus to the VHS format.
Similarly, any technology-related franchise in which you’re interested must have the resiliency to change as the world changes. Top franchisor executives must be willing to switch gears. If the franchise’s niche is too narrow, you as the investor may be throwing money into a veritable black hole.
Selling Technology-Based Products and Services
Beyond finding tech franchises that exhibit an innate flexibility, you’ll also be wise to give consideration to the consumers of tech products and services. Depending upon the targeted clientele – young kids, computer whizzes, novice gamers, business owners – you should seriously ask yourself if you honestly feel equipped to successfully make an effective tech franchise sales person (or, if you’re hiring others to handle the selling aspects, a “figure head.”)
For example, if you are truly bewildered by and/or uncomfortable with the workings of the World Wide Web, owning an Internet-based franchise might appear profitable; however, you’ll be overwhelmed by the questions you receive from potential customers.
That being said, a solid, reputable tech franchisor will offer you plenty of advice when it comes to pitching products and services and retaining clients. But you must bring a strong attraction to technology to make the most of any educational opportunities.
Education: Your Key to Success
Speaking of education, even if you feel comfortable with technology, you’ll need to stay “in the know” regarding the tech industry sector you’re involved with. This may require you to earn a second (or first) degree, take credit or noncredit courses, attend seminars, and/or subscribe to technology and business publications. Remember that as a franchisee, you’ll be regarded as an “expert” by the public…whether you are or not.
Franchisors should be up front with potential franchisees about background and credential necessities. Without a doubt, it’s in their best interest to ensure that anyone operating under their trademarks or brands can perform and profit at an outstanding level. Still, you may have to ask questions about training during your investigative phase to gather all you need to know from a franchisor when it comes to prerequisites.
Working with a Tech-Savvy Franchise Consultant
There are over 5,000 different franchises available to entrepreneurs; hence, it’s become more and more popular to partner with a franchise consultant, such as the reputable experts at MatchPoint?, when looking to invest.
If tech franchises fascinate you, find a franchise consultant who can speak with proficiency on the top tech-related franchisors as well as those that are new to the market (if you have a higher risk profile.)
Check Out your Competition
It’s tough to become a successful tech franchisee if you have to spend all your time breaking into an already-saturated market.
Before you definitively choose the tech franchise in which to invest your savings, become an informed investor and explore your competition. Whether you’re advertising to the neighborhood, the country, or the planet, knowing the names and qualifications of your competitors is a huge part of ensuring profitability potential as well as career satisfaction.
Clearly, competition is healthy and to be anticipated; however, if your prospective customer base cannot support the existence of another tech franchise, be cautious about jumping into the fray. It could be a hard road to become successful in the long run, but if you’re persistent and sensible, you may be able to enjoy a slice of the generously-sized tech franchise pie.
For more information on tech franchises, contact the franchise consulting specialists at MatchPoint? today.
? 2007 Franchise Research Corp