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Wednesday, January 22, 2014

Should I buy a Franchise?


Franchising is a method of distributing products or services. It is not for everyone. You should first determine if it is right for you.

If you are a driven individual motivated to succeed and train others, as are most successful entrepreneurs, you may find this a potential avenue. You should have experience in the industry you are examining and be willing to spend effort promoting the brand, which, after all, is a major objective of the franchisor. Customers are attracted to the brand rather than the owner of the business.

Your ability to be innovative may be constrained by the franchisor. So if this is important to you, franchising may not be the answer. The rules are determined by the franchisor.

There are a plethora of franchise options to select from. Your research should discover the differences. Remember not all franchises are good franchises.  As you do this research you should have support from a qualified accountant, banker and attorney to assist in the selection as well as the development of the business.

Keep the following in mind:

The franchisor may have goals that differ from yours. You want to develop a viable business, they want to sell franchises.

The people that sell the franchise to you may not be the people that can help your business succeed.

 

Steve Koenig, SCORE Counselor

Visit us at: www.scoresouthflorida.net

 

1 comment:

  1. Franchising is a proven way to reduce some of your risks when starting a a new business. However, buyers should still do their due diligence before moving forward as all franchises are not created equal and there is no way to eliminate risk completely when starting any business. If you find a particular franchise concept you feel might be a good fit for you I would advise contacting existing franchisees and ask them to share their experiences with you and if they would do it all over again. If you are seeking to research top rated franchise for sale in the USA and beyond visit http://www.topfranchisesusa.com

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