Many folks have a meal at a franchised outlet, buy a product from a franchise company or hire the services of a franchisee of some large franchising corporation; they fall in love with these products or services and decide that it must be a very good business model. Then they contact the franchisor and tell them they would like to purchase a franchise. Did you know that this is how most franchisor’s end up recruiting their franchisees? It’s true.
In fact, Franchising Companies go out of their way to remind consumers, clients and customers of their franchised outlets that there are “Franchising Opportunities” available. I am most certain you have seen these signs before. Still, I’d like to warn franchise buyers that just because you like the Products or Services of a certain franchise Brand, it does not mean you should invest in one of their franchises.
Sure, you want to own a franchise with a strong brand name and a customer following, one, which has great products and services, but that is just part of the equation really. You see, you need to shop around and see what else is available. You need to make sure that you contact actual franchisees and see if they are making a profit on their investments and you have to make sure that you wish to go into a long-term marriage like partnership with the Franchisor.
Buying a franchise is a complicated investment and it is not for everyone. Indeed, not everyone should be self-employed or own a business anyway. With a franchise, it is even more serious and you have to make sure that it is a good match. So, do your homework and do not make your decision based on the products and/or services the franchising company sells or just because you like the brand name.
The key in shopping for a franchise is Due Diligence and it really does not matter which franchising book you pick up, you are going to hear this same advice in each one. So, please be thinking here. Take your time, study what’s available, ask questions and remember a franchise is a complicated investment and should not be based on emotion alone.