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Researching your franchise options

April 12th, 2017 by Nick Strong in Franchise Tips
 

Researching your franchise optionsIt is always advisable to look at a number of franchise options before making a commitment. Essentially you need to know how much capital you can access, where you want to trade and the type of market you are interested in.

Be careful not to stick too closely to markets that you already know or have a lot of experience in. Most Franchisors actually prefer to find franchisees that have no experience in their sector.

The reason for this is as a new franchisee who is ‘green’ to the market, you will be very teachable and will therefore follow the franchisor’s proven system closely.

Franchise owners consistently state that an enthusiastic following of their proven system produces the most successful franchisees. It is, after all, the proven system that separates the franchisee business owner from the ‘have a go Joe’.

Following the proven know-how will always be the best route to success for any franchisee. That is why a franchisor’s intellectual property is so valuable. It quite simply is what separates you from the rest.

The important qualities a franchise buyer can bring are:

  • Enthusiasm
  • Willingness to learn
  • Ability to learn
  • Ability to implement what has been learnt
  • Dedicated to following the franchisor’s proven system
  • Enthusiasm!

Some questions to ask when looking at a franchise:

  • Is the franchise credible and well established?
  • How can I speak to franchisees about their experiences?
  • Will I get a protected trading area?
  • How much will the franchise cost?
  • What do I get for my money?
  • What are the legal issues?
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