Tips for buying a Franchise

Discussion in 'Growing and Managing a Business' started by Fransisca2, Mar 27, 2013.

  1. Fransisca2

    Fransisca2
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    I once read a franchise magazine and it sounded interesting. But I am still hesitant about buying a franchise, does anyone know any tips about buying a franchise?
     
  2. Fergal

    Fergal
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    My first tip would be to talk to existing franchisees of any franchise system you are considering. Ask them for their feedback and how well it worked for them. Don't just speak to ones recommended by the franchisor, as they will obviously point you in the direction of the most positive ones. But seek our the franchisees on your own and contact them with your questions.

    Are you considering any particular type of franchise?
     
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  3. RaySaj2

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    Fergal is right, you need to speak to other franchisees. Normally you get some franchises who give you contact details of their best franchisees but I would advise getting in contact using your own initiative and reach out to other franchisees so you can build an understanding of the way a franchise can actually fail if at all it does....

    the franchise model though is a good one and really does have it's benefits....
     
  4. Biz

    Biz
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    Also look for future potentials, is the chain going uphill or downhill...
     
  5. 2misi.com

    2misi.com
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  6. bethw

    bethw
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    When you buy a franchise, you often can sell goods and services that have instant name recognition, and get the training and support from the franchiser that can help you succeed. But purchasing a franchise is like any other investment with risks. Research properly about the company before investing.
     
  7. williamjames732

    williamjames732
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    Tips to buy a franchise:

    Make a list of the 10 fastest growing franchises in the country.
    Look for existing franchise networks in your target area.
    Keep up with franchise news.
     
  8. SidRhyes

    SidRhyes
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    Search out some new and reliable franchises that are proactive in your area and that can help you with. This way will help you choose the right and growing franchise.
     

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