George Cohon, renowned businessman and founder of...
There are now franchise opportunities that operate in almost every type of business category that you can imagine. They are available in most price brackets and can suit most people lifestyles. Franchising is now a very reputable way to start a business and has revolutionized the way people do business throughout the world.
Are you considering buying a franchise? If so then you need to decide on the type of business that would suit your lifestyle and budget. The best way to decide if a business is right for you is to start by attending franchise exhibitions, searching for franchises on the internet and buying some franchise magazines.
Franchise exhibitions are a great place to start. You can talk to many franchisors in one day and also evaluate the alternatives. Most franchisors have their marketing material and brochures available for you to pick up at their stands. Some will offer you refreshments and sandwiches whilst they try and persuade you to buy into their franchise.
Often you can also meet the lenders who specialize in helping you raise funds to buy your franchise at the exhibition. They can not only help you with your funding requirement but also discuss the pros and cons of the various franchise options available.
There is a wealth of information available on the internet that can easily be accessed in the comfort of your own home with a click of the mouse. The best thing about the internet is that almost all the information you require is available free of cost.
Franchise magazines provide a wealth of information and are also probably the first place you will find out about the launch of a new franchise. It takes a while for a new business to start exhibiting and to appear on the radar of the search engines.
Narrow your choices down to three potential franchise opportunities and request brochures from the franchisors. It is imperative that you then get in touch with existing franchisees. This will help you in deciding which franchise business is right for you.
Discuss with them the potential of the business and the difficulties they have encountered. Analyse their territory and compare it with yours. It might be worth paying them a visit so that you can meet them face to face and see for yourself how easy or difficult it is to manage the franchise.
Ensure that you take legal and accounting advice before you sign the franchise agreement and pay any sums of money over. Ask your accountant to help you draw up a business plan and make sure that there are some contingency funds incase the business takes longer then anticipated to become profitable.
You should never rush into buying a franchise opportunity as the business that you end up choosing will probably keep you busy for at least the next three to five years.
Once you have signed the franchise agreement get ready for some hard work. Buying a franchise does not necessarily guarantee your success. Hard work, effort and determination are also required to make your business successful.