Franchising : Selecting The Right Opportunity
Franchises offer all kinds of business opportunities. There are hundreds of service orientated franchise businesses, covering nearly every consumer niche out there, and there are additional ones appearing every day.
Choosing the right franchise opportunity is critical to the franchisee’s overall success. Pick one that is troubled, or is unstable and problems follow. Yet select one which is on the rise, that’s got proven systems and plans in place, and success is yours for the taking.
This part of the franchising process, far more than any others, is the sole responsibility of the potential franchisee to get right. The advice of a franchise consultant can be sought, but their objectivity can sometimes be questionable. No matter the particular type of franchise being considered though, they can be evaluated with the answers to the below questions…
Does the vision of the company match with yours?
What is the age of the company?
How many years did it work independently before offering itself as a franchise business?
What is the brand position of the company?
What kind of franchises do they offer?
What number of franchisees have already joined them?
Of the existing franchises, how many own more than one unit?
Have any franchisees left the company? If so, why?
What is the cost of the franchise and what does it include?
What is the royalty fee?
How many years is the franchise contract for?
Who is managing the franchise business?
What training does the franchisor provide? What is the on-going support?
Which regions are they operating in? Does it provide protected territory?
How are material sourced?
Does the franchisor offer financial assistance?
Is real estate support provided by the franchisor?
How many employees are needed?
What employee recruitment is offered?
How proven is the marketing plan? What level of marketing support is on offer?
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