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Evaluating A Franchise Before Taking the Plunge

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                   SoHo NEWS & TIPS
Helping You Make the Most of Your Small Office/Home Office
        SoHoTIPS.com
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Comment The Post Below...

Greetings,

I'm sure you've heard the phrase "look before you leap." 
Well this statement couldn't be more true when applied to 
business. Before taking a huge step like buying a franchise, 
it's smart to evaluate the business before taking the plunge.
Today's issue features an article on what to consider before 
buying a franchise. Be sure to check it out! 
   
Best,
Mandi

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Evaluating a Franchise Before Taking the Plunge 
By LAUREN BAIER KIM 

Thinking of purchasing a franchise but don't know 
where to begin? Deciding how much you want to 
spend to launch your business is a good starting 
point. Also, consider what type of franchise you'd 
like to own (fast-food restaurant, real-estate 
brokerage or travel services, for example), based 
on your interests, strengths and working style.

Running a franchise isn't for everyone, so look 
into whether you would be a good fit for this form 
of business ownership. Consider attending a seminar 
on franchising run by a small-business organization 
or a local college or university.  

WHAT TO DO:

When you have a working list of franchises, look 
at such factors as their company growth, track 
record, demand for their products, competition, 
name recognition, training and support services. 
You may also want to take a look at the amount of 
franchiser/franchisee litigation associated with 
a franchise, as well as any bankruptcies. For more 
on business factors to consider, read the U.S. 
Small Business Administration (SBA)'s A Consumer 
Guide to Buying a Franchise.  
 
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Talk to franchisees already in the trenches. You 
can find a list of current and recently closed 
franchisees in the franchise's Uniform Franchise 
Offering Circular (UFOC) or on its Web site. These 
owners may tell you the ups and downs of their 
business, and share real-life details of what it's 
like to run their operation. Attending a franchise's 
"discovery day" orientation may help you decide if 
a particular franchise is right for you, but resist 
falling for a hard sell. 

Before signing on the dotted line, learn about how 
franchises are regulated. You'll need to study the 
franchise's UFOC, which spells out the obligations 
of both the franchiser and the franchisee. You may 
want to have a franchise lawyer help you review the 
document to learn whether it confirms promises you 
may have been told. Last but not least, look into 
whether the franchises on your list offer financing 
deals.


DID YOU KNOW?

Don't ever let your customers become your final inspection 
team. Make sure your product or service meets your expect-
ations before you let them see it. They won't ever forget 
that you sold them deficient goods.

So what did you think about this issue? Drop me a line and let 
me know at mandi@gophercentral.com 

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