If you are considering the purchase of a franchise, all the experts will tell you that you must do your own research. Where do you start and how much time should you spend on this task.
After all, you've been bitten by the business owner bug and you are raring to go and work for the biggest lunatic in the world. YOU. What could possibly go wrong?
Well, everything, if you do not complete your research.
Franchising works for so many people. It works particularly well, if the franchise and the franchisee are a good match. It works well if the franchisee has a very good understanding of what is required to make it a success.
There are a number of places that you can research your franchise as follows:
1. Start with the website of the franchise company. Even though this is effectively a sales letter, it presents you with the "facts" that you will verify later in your research. Make notes and pay attention to who the people on the franchise site are . Make a list of current franchises in your area - Find out if these people are still involved in the franchise.
NOTE: It's important to be balanced in your research - If your goal is to get enough reason why you should not make the move, then you will success. If you goal is to make the right decision for you, then you must ask the appropriate questions. Thats why you have to ask for the success stories as well.
2. Generally, Franchise owners do not stop you from speaking to existing owners and the best ones will give you free access to all the franchisees. Thats a good sign - they are not trying to hide any thing.
3. Have your list of 10 questions that the franchise owner gave you - these are generally the Frequently asked Questions. Prepare a list of 10 Should Ask questions as well. Ones that affect you when you are operational. Ask the existing franchisees what questions they would've asked if they had their time again.
4. Understand the power of positive and focussed mindset when determining the success of the franchise. Ask questions about mindset and how you will be educated and supported to your success.
5. Use the search engines to research the franchise - look for awards, wins, sales stories, testimonials, customer reviews, Look for people who have repeat business. Look for court cases. When you meet the franchise owner the first day, ask him about any impending law suits or skeletons - See how he handles it. Most are open and above board. Remember that their job is to find the best franchisee for the business. They do not always get that right and they will openly admit that.
That still does not make it a bad franchise.
You must also research the costs associated with running and owning your franchise. These questions must be posed to the existing franchisees. Generally they are open about this information. These are the critical questions.
Based on the numbers, you have to make a decision on whether this is the right business opportunity for you. There are alternatives...
Author Resource:
click here for a system that offers low start up costs, grat gross profit, proven products and a proven success system. Derek O'Dwyer is a business growth specialist who works with people helping them to grow their business.
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