If you are like me, you think of franchises in terms of fast food places like Subway and pizza places that you eat in during your busy life. I've learned that there is a franchise for just about everything that you use in your life, you just need to understand what fits your business experience, personal goals, and financial status. To help you with your evaluation I would highly recommend using a service such as www.frannet.com, which by the way is a franchise that provides a free service to prospective buyers. The process takes you through a personal profile exercise that narrows the universe down to a few that match your criteria so you can investigate them thoroughly. One word of caution, the owner of the Frannet franchise gets paid by the franchisor when they connect and sell you a franchise...they will only show you franchises they have a relationship with so investigate others on your own at websites like www.franchise.com.
There are several advantages to purchasing a franchise that you should be aware of:
1) Proven business processes
2) Proven Marketing and Advertising Materials
3) Overall business playbook (business model)
4) Brand recognition and advertising assistance
One thing you should be aware of, if you think you can do it better than they do or have done, you either shouldn't consider their franchise or maybe you're not a good fit for a franchise at all...be honest with yourself, it gets expensive.
Next time I'll tell you about the franchise that we bought and the mistakes we made! We knew that we should have stopped the process before we spent anymore money but went ahead anyway....don't make the same mistake we did!
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