Three Tips Before You Buy a Franchise
* What am I willing to put into a franchise? Don’t be seduced by a compelling franchise concept and forget to consider how much time, money and energy you have or are willing to invest in the enterprise and for how long. Seek franchise opportunities that are in line with your lifestyle and budget.
* What are my business strengths? Carefully assess your skills from sales and marketing to management and information technology. Then compare your strengths with the skills the franchise requires and the type and depth of training the franchisor provides. Keep searching for other opportunities if you are weak in an area that the franchisor doesn’t teach comprehensively.
* Will I follow the franchisor’s blueprint? The best franchisees accept the constraints of the franchise agreement and commit themselves to the franchisor’s system. Free spirits and people who are prone to challenge authority may be better suited to launching a business outside of the franchise system.
–Maya Payne Smart
