Becoming a franchisee in a well-established franchise system has many advantages over starting a new business independently, but becoming a franchisee is not for everyone.
Expert Michael Seid's top ten reasons for becoming a franchisee, with pros and cons, are essential reading for anyone considering investing in a franchise opportunity.
It's essential to make certain that you have adequate capital to not just open your new business, but also to operate your business through break-even.
When evaluating various franchise opportunities, you will likely encounter some "red flags" or indications that further investigation may be prudent before you commit to a franchise investment. Learn to recognize them before you take the step of signing an agreement.
Your decision to purchase a franchise should be based upon two broad understandings: first, an understanding of the advantages and disadvantages of franchising; second, an understanding of the franchise you want, and how to evaluate it.
Investing in any franchise is an important decision, and putting together enough accurate information takes effort and time. Use multiple sources to help you make your decision.
No matter how knowledgeable franchise brokers appear, how friendly they are, and how many times they refer to you as their client - they work for the franchisor and only get paid if you buy a franchise from one of...
Buying an existing franchise can be a great opportunity, but remember that you still have to do your homework before you make a commitment.
You can negotiate some things in a franchise agreement, but it's recommended to limit your demands to things that provide you with real benefit but do not impact the ability of the franchisor to obtain consistency.
Many franchisees enter a system intending to exit within a set period of years, and evaluate franchise systems accordingly before making their investment.
Just because a brand doesn’t have a long, established history doesn’t mean it can’t or won’t develop into a strong and successful brand.
For many people franchising has provided a direct path to achieving the American Dream. But before you jump on the franchising bandwagon, take a careful look at these five areas.
While there's a lot that can be learned from the more formal portions of a franchise Discovery Day, prospects can gain additional input to help with their decision-making by peeking behind the curtain.
By doing your homework, you can access not only the quantity, but also the quality of support you’ll receive from the franchisor. Ask any questions you have before you sign the franchise agreement.
Having a standard offering better allows the franchisor to maintain consistency in the franchise system. Still, “no change” is not and has never been an ironclad rule, even in the most established franchise system.
Developing an accurate financial projection for your future franchised business is essential. Even if the franchisor chooses not to provide the information you are looking for, with a little work, you can find most of it yourself.
Franchise trade shows provide the opportunity to investigate many franchises at various investment levels. To avoid becoming overwhelmed, use these five tips to get the most from your visit.
Training is critical for the success of your franchise. This article covers the essentials to look for when researching which franchise to invest in.