Words of Franchise Advice:
Get a Lawyer
Please do not leave this up to your lawyer, as it is very important for you to have an intimate knowledge of this information. Verify everything a franchise sales person says by asking for it in writing. Believe it or not, some sales people tend to exaggerate the truth from time to time.
Analyze your market
Make sure there is a need for your product. Contact both current and previous franchisees and ask them for both the positives and negatives associated with owning a franchise.
Practice Smart Planning
Ask the franchise company for statistics relating to success rates. Make sure you are appropriately funded. A lack of capital could turn all of your early expenditures into a complete waste. Meet the key management figures of each franchise company. This is especially important for smaller franchise companies. Do everything you can to get to know both the company's executives and their field representatives.
These next items are more specific to your situation. Know these elements of successful franchise opportunities and how your franchise business fits into the grand scheme of the Franchise Company. Before you go any further, I suggest getting out a piece of paper or your favorite tablet and jot down notes of your current strategy as we venture through the elements of a successful franchise. You could even lay it out just I like I did below if you're so inclined.
Once you and I are done with this preliminary planning stage, there's another point I will raise: before you consider purchasing franchise hire a lawyer and an accountant. Make sure to ask questions to understand all disclosures, franchise agreements, and other legal documents.
Training - Nearly all franchise companies provide you with all the training you need to become successful. After all, they have a vested interest in you being able to run the franchise profitably and really want to see you succeed!
Brand Awareness - It can take years for a business to successfully build a well recognized brand that helps drive sales and provides a competitive advantage over smaller competitors. Brand awareness can make or break a business. Consumers buy things that they are familiar with and work with companies they know and trust.
Purchasing Power - Most franchise companies have the opportunity to purchase all their goods, products, and supplies at reduced rates because they buy in bulk. Right away these savings can be passed back to each franchise unit and provide a competitive advantage in the marketplace.
Proven Business Plan - Running a successful business is similar to learning a math formula and following its rules and laws time and time again. Through years of experience franchise companies know what works and will teach you their formula for success.
Advertising - In addition to an established brand, most franchise companies support their franchisees with both local and national advertising and promotions to help drive sales.
Support - Successful franchise companies provide ongoing support for their franchises and franchisees. This usually includes ongoing training, system upgrades, product enhancements, as well as question and answer support systems using dedicated representatives within the organization.
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Winters Franchise Consulting & Brokerage is a licensed affiliate of The Franchise Alliance, Inc the leading network of Franchise Specialist in the United States. We have helped people throughout the United States and Internationally find the right franchise opportunities or for them. Find out more about what Winters Franchising can do for you at http://www.franchisinginutah.com
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