Self Evaluation before becoming a Franchisee
Self Evaluation before becoming a Franchisee
Getting into a Franchise Business is the best business opportunity one can grab but nothing worth having comes easy. So here are some things to keep in mind before becoming a franchisee:
What are your Personal Goals?
Determine your motives
- What you want to accomplish by this business?
- How many hours you’re willing to work?
- What are your strengths & weakness?
- Do you want to be directly involved with customers or want your staff to manage on day to day basis?
Understand the franchise before choosing
What kind of Franchise do you want to operate?
- Choose the industry: retail, restaurant/cafe, automobile, clothing, etc.
- Know the types of Franchise model & understand them.
- Understand the market for competition, as well as failure rates.
- Talk to other franchisees.
How much are you ready to invest?
Invest wisely
- Calculate the level of financial investment you can afford, this will give you idea about the franchise opportunities possible for your budget.
- Look beyond the minimum requirement for buying a franchise.
- Keep in mind that you won’t get profit right away after starting the business
Franchise Disclosure Document
Financial Disclosure Document
- The FDD contains all the information about the franchise & franchisor.
- Understand the rules & restrictions, initial franchise fees, royalty fees, etc.
- The franchisor should have track record of proven good performance.
Take Expert’s Advice
Make all this work hassle free by taking Expert’s advice who have 15 years of Industry Experience- Franchise Insider.
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