How do you buy a Franchise
HOW DO YOU BUY A FRANCHISE??
People express an interest in owning a franchise then admit they "haven't found anything that excited them yet." This approach leaves this critical decision to Pot Luck!
By investing 4 to 6 hours a week to improve your future will insure that you achieve your goal in 2009/10. Following our guidance, you could be open for business in 90 to 180 days –not "someday" when luck strikes, but now!!
If this sounds like your profile, you should make the commitment to escape into ownership of your own franchise.
Here Are Some Tips on How to Achieve Results
Find Your Industry Niche
Read the many magazines featuring Franchise Opportunities and start looking for new concepts. Study trends in the marketplace. Discover services and products in other places that haven't reached your town yet. Search local classified ads for franchises and businesses for sale. Meet with the owners to gain insight into their field.
Make Contact!
You need to meet and talk with Franchisors, franchisees, and independent business owners in fields you might consider, vendors and bankers. One recent franchisee met and investigated purchasing an independent business in his hometown. When he discovered a very profitable venture that was greatly overpriced, he searched out Franchisors who could help him achieve his goals.
Exhibitions
Consider attending one of the many Franchise Exhibitions, usually over 100 Franchisors will be present to explain their offerings. Most people who buy a franchise admit that they "never dreamed" they'd be joining the fellowship, just 90 days before they sign their license. However, after they learned the behind-the-scenes aspects of the industry, they recognised what a great match it was for their personality, skills, investment capabilities, financial needs, and lifestyle goals. Waiting for luck to strike wasn't in their best interest. Instead, they took charge of their own lives and invested the time needed to evaluate the opportunities available and then put their careers and capital behind their commitment to succeed.
Review Marketing Materials
Study the marketing plan, will it work in your area, are the costs to bring your product or service to market viable, how much opposition will you face, does your Franchise have a unique sales proposition. Then, visit the company's Headquarters and several franchisees. You don't invest sizeable sums of money without sizing up your future partner. If you haven't visited any franchise's headquarters, you're not really serious about making a move. Many Franchisors have special days set for meeting with potential investors; you need to take this step to insure your choice will be the best for you.
Develop Earnings Projections, Based on the Figures and Data
Verify that you can open and reach profitability with the amount of cash you're willing to invest. Then verify that the future income will meet your family's needs.
Reach a Decision
Choose to move ahead, or start the process over pursuing a different industry or franchise system. If you're joining a franchise, determine your territory or select a site.
Sign the Agreement, Attend Training, Get Started!
BECOME A WINNER!!!
Look at this from Professor John Stanworth of the University of Westminster, International Franchise Research Centre.
U.K. Prof. Stansworth has developed 20 questions to help franchisers pick franchisees. Franchisees can also benefit of using this in reverse - to give them an idea if franchising is right for them and if it is the right franchiser
If you are still unsure, we can help contact us for a "no charge" consultation, email us;
Choices@franchisewebsite.co.uk
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