How to buy the right franchise

One of the most successful marketing concept ever made is a franchise. With the success of franchises such as Subway, Quiznos, 7-Eleven, Baskin Robbins, and so many others, buying a franchise is quickly becoming one of the most popular ways to start a business of your own.

Buying a franchise is like buying an existing small with a proven track record. You have an established name, a proven business plan that works, and an established territory to find customers.

All this sounds good, but before you go ahead and buy a franchise from an ad you saw on television or in a magazine you do your research. We must find out if the franchise is right for you and you will have the support you need from the franchisor.

The first thing you need to do is find out which franchise is right for you. Where does your experience and interests lie? In accounting and tax services, food and restaurants, automotive products and services. Like to travel? If you do then you should look at the franchise travels. If you think you'd be interested in owning a store, then you should look at franchise opportunities in the convenience store category. You choices are virtually limitless.

Having decided the type of franchise you want, then you have to evaluate the franchise. Need to know if the franchise has staying power or is it another "pet rock" or "hula hoop?" You will be in a good position or will be trying to sell refrigerators to Eskimos? Above all, you need to know who the franchisor.

Discover again the main leaders 'and ask them some' hard questions, face to face. What are the plans and management strategy increasingly will have to develop a competitive advantage? How much is spent for the development of new products or services?

Visit the headquarters and speak with senior executives of the company? What is this? They are frank and direct in answering your questions? Look at the work environment, and watch the lower-level employees. They are the cream of the crop or the bottom of the barrel? Ask them: "What should I expect from you personally and your leaders?" "Why should I buy this franchise?" If you find they are too busy to see you, imagine what kind of help you will get once you're in the field.

The franchisor must be willing to do the following: to train you, help with your business plan, manage complex legal, accounting and tax issues, to develop new products and services, reduce the risk of business failure, resolve unexpected problems, and help find a buyer when it's time to sell.

Franchising is not always as great as it is in theory in practice. First, the franchise agreement you sign may have long lists of "gottas. 'The" gottas "refer to the hours you've got to stay open, standards business the appearance that you have got to stick, the levels of you have to maintain inventory, and guidelines and the odds you have to follow.

If you intend to buy a franchise must be a team player. You must be willing to accept a certain amount of regulation and give a certain freedom. Some other important qualities that must have included the goal-directed, persistent, independent, profit-focused, confident, risk-oriented, self-discipline, street-smart and opportunistic.

If you possess all these qualities and want to start your own business without starting from scratch, then buying a franchise could be the best way is that you go. If you choose the franchise that is right for you and fits all the criteria for support, holding a franchise can be very satisfying, without all the headaches of starting your own business from scratch.

; 2006 by Joe Love and JLM & Associates, Inc. throughout the world....