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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
Be sure to visit the SoHo News and Tips blog!
SoHo News & Tips Blog
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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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Copyright 2006 PENN L.L.C. All rights reserved.
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