Let’s face it, many good opportunities to make money from a franchise have long been seized. But you still want a franchise? What and where are you looking? In my opinion, what is new, what is hot, what is the latest and the best. Is it a whim, does it have the ability to grow, who is behind it?
You must first find what interests you. Remember that you will spend more time running your own business than at home. So it better be something you love and something affordable. Don’t risk your life happiness, home, family because of the franchise. Don’t roll the dice and risk everything. Be sure to leave your position back.
Once you choose a franchise, do your homework. Start with franchisees who have stores for sale. This is done for two reasons, first, you may find it cheaper to buy an existing store than a new one. Also, they want to know why they are coming out. The number one reason is usually that they fail. They will tell you all the problems with the franchise, some true, some not. The more franchisees you talk to those who sell, the better you will have questions if you decide to contact this franchise for a new location.
When you finish your fact-finding quest, focus on the main people running this franchise. How long have the CEO, President and CEO been with this company? Was there constant traffic at the top? If it is not a good sign. Has the company moved to different countries more than once? Usually a sign of a problem with that state, it’s also not good.
Support is a huge and important issue. What kind of training will you need and for how long? Do you get help when you open a store? Do they have a good marketing system and direct enough money for the marketing concept? Strong support or lack of it tells you a lot about the company.
Is the growth of new trade constant 10% or not? Every good concept should have positive growth. If everyone sells their stores, that’s also not a good sign.
The fees? What do these people charge, is it high or low? What is your purchase and does it make sense? These are just a few ideas on what to look for when looking for a franchise. As you can see, don’t make an uninformed decision. Work from home and go into this with a good knowledge base. Good luck