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What makes a good franchise opportunity
Written on the 26 May 2011
Want to buy a franchise, but not quite sure what to look for? Here is a quick guide to help you evaluate the franchise opportunities you are considering.
Well-known respected brand
While it doesn’t ensure success, buying a franchise of a well-known brand will certainly be a lot easier than investing in one that hasn’t established itself yet.
Something that goes hand-in-hand with a well-know brand is an experienced franchisor – if they’ve built their business into a successful franchise, they obviously know what they are doing.
You know what they say – location is everything. You need to be able to operate your franchise business from a place that suits you and suits your target market.
If the franchise doesn’t have a good product, you’re wasting your time and money. It needs to be high-quality, marketable and priced competitively so you have a chance at success.
When it comes down to it, money will be the most important factor in your decision to buy a franchise – if it’s not profitable, then it’s not a good franchise opportunity.
The main reason why people choose franchise businesses over starting from scratch themselves is because they don’t want to go it alone – so make sure the franchisor offers adequate support.
Suit your situation
This is probably the most important part of a good franchise opportunity. It’s essential that you choose a franchise business that suits your personality, your schedule, your goals, your budget and most importantly your skills.