Getting the best out of franchising

Discussion in 'Growing and Managing a Business' started by stagage78, May 8, 2010.

  1. stagage78

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    Mar 7, 2010
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    Hello everyone,
    I will like to share some food for thought for those interested in starting a home based business, and going through the franchise system. You should endeavor to spend more time and effort on the following when selecting a franchise, because buying a franchise is an investment and it comes with a risk.

    Competition- you should consider the competition, regionally, nationally, or locally. How many competing companies sell similar products or services? Are they well-established or widely recognized by name in your community? Do they offer a similar product at a similar price?

    Training and support- you should know the details of the training and support provided by the franchisor. Does the franchisor’s training measure up to the training for workers in the particular industry? Can you compete with others who have more formal training?

    Demand- you should think about the level of demand for the goods or services. Is it seasonal? Does the product or service generate repeat business?

    Name Recognition- The more widely recognized the name, the more likely it is to draw in customers. You should also consider whether the company has a registered trademark, whether the company’s reputation is for quality products or services, whether consumers have filed complaints against the franchise with the Better Business Bureau or a local consumer protection agency.

    Knowing all this and putting them into consideration when selecting a franchise will invariably give you an edge for success.

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