Self Evaluation before becoming a Franchisee
January 5, 2019
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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?
- 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?
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?
- 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
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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