Choosing the right franchise for you Posted by JT

 
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Choosing the right franchise for you

Posted by JT in Articles on 24.09.2008 4:11:19 pm | 801 views

Most successful franchisees will tell you that they have been successful because they have entered into a franchise that they enjoy and that they are working in a field that they are familiar with and in which they feel comfortable. For example, if you are a pet lover you would be well matched by choosing a pet franchise such as Creature Comforts. If you prefer a more "blue collar" environment then something with tools and equipment would attract you. Choose carefully - you could be devoting several years to your new venture.

Comments

Matthew on 24.09.2008 11:20:20 pm

Hi John

Very true, it can be easy to be attracted to franchises whom claim they have high turnovers in the first year and all the razzmatazz within the franchise pack but when it comes down to it the first step is to choose a franchise which is suited to your abilities and interests.  From there the next option is to explore the options available and do your due diligence which will play a part in the choice a prospective franchisee makes.

My opinion is that a person interested in purchasing a franchise should draw up a short list and really make the effort to study each one individually, contacting existing franchisees and looking over the books in detail.  A good solicitor and accountant can help with this.

In the end it can be a lot of money to invest so going in head first without doing the proper research can only lead to a loss of investment and collateral, at least in the worst cases.

 

Back to your point though, choosing the right franchise is a personal choice and although it is not always the case that you are going along the route of a previous hobby or interest, it can certainly help.  Many people purchase franchises for solid and steady returns, such as vending machine franchises which obviously are not of great interest but instead a long term investment so although an interest is desirable it does also depend of who you are and what you want out of franchising.

 

Kind regards,


Matthew Anderson

The Franchise Shop

 

Jason Rager on 18.10.2009 12:50:31 am

To choose the right franchise for you entails self-assessment which involves your goal, interests, skills, time and the amount you are willing to invest. You may also determine up to what point is your lifestyle flexibility. Once you're done, figure out the franchise opportunity that most likely fits you. Research and conduct due diligence to gather relevant information. Evaluate every aspect of it and it's best to refer to a franchise guide for the essential steps to take. Interview past and current franchisees to get their pulse on the franchise and the franchisor as well. Take the word of the experts and seek professional help in interpreting franchise documents. Decision-making should be done with extreme care to avoid future problem and to  protect yourself and your investment.

 

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