There are great benefits to owning a franchise. You often can sell goods and services that have instant name recognition and can obtain training and ongoing support to help you succeed.
But be cautious before you sign on the dotted line.
1. Know How Much You Can Invest
2. Know What Type of Business is Right for You
3. Realistically Evaluate Your Own Background and Skills
4. Take the Time to Comparison Shop - Talk to or visit several franchisors engaged in the type of industry that appeals to you. Get answers to the following questions:
• How long has the franchisor been in business?
• How many franchised outlets currently exist?
• Where are they located?
• How much is the initial franchise fee and any additionalstart-up costs?
• Are there any continuing royalty payments?
• How much?
• What management, technical, and ongoing assistance does the franchisor offer?
• What controls does the franchisor impose?5. Get Substantiation for Any Earnings Representations
6. Avoid High Pressure Sales Tactics
7. Study the Franchisor’s Offering
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