Buying a Franchise? Remember These Tips.

I’m always happy to pass on great info...and this is great info! I’ve included a few snippets below lifted from the full article.

Investing in a franchise isn’t for everyone. There’s less wiggle room for your own creative input into decor and menus, and you have to follow a ready-made template for the day-to-day running of your business.

Check the history of the franchise

Franchises with a solid track record are a safer investment than new ventures. While brand new businesses are only 50% likely to make it past 5 years, franchises have a better survival rate. Look further into the history and growth predictions of your particular franchise of interest. Don’t just take the company’s word - use the internet and other resources and feel free to request extra information and documentation before a purchase.

Consider all costs

The great thing about buying a franchise is that almost everything is covered, from fitouts to staff to training and marketing. Though, there are upfront and ongoing costs that you have to pay in return for the rights to the brand name. The initial purchase fee depends on the brand and potential opportunities, and you may need to pay ongoing operation investments to cover equipment and other requirements. You may also have to pay royalties to your franchisor, so make sure you’ve considered all bases before signing.

Do you need more detail on this subject? Head on over to the full article here for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts at [email protected]; or call me on (0401) 763 563.

Thanks,

Meron