Since there are no guarantees when going into a franchise you should know as much as possible before investing your hard-earned money. Here are just a few questions that you need answers to:
*Do you believe, enjoy and have interest in the product and services?
*Is the franchise company a leader in it's industry or at least well known?
*Are selling prices competitive in the marketplace?
*Is the startup costs within you realistic budget?
*Do they offer a protected area or territory?
*Do they have company owned stores or services?
*Are other franchisees making money (talk to several of them)?
*Is there a reduced fee if you open additional locations?
*Are there restrictions if you want to resell and get out?
*Is the royalty reasonable for the industy?
*What type of initial training do they offer?
*Do they offer on-site training when you first open?
*Do they regularly offer new and innovative products?
*Do they offer assistance in selecting a site?
*Is the corporate office financially stable?
*Do they have any financing available?
*Do the answer all your questions quickly and honestly?
More on franchising and other small business topics in the monthly Idea-Letter (since 2002) at www.idealetter.com
Sunday, March 6, 2011
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