F R AN C H I S E :
FRANCHISE - If you do not have any skill to establish your own business, I advise you to buy a franchise instead, There are now a lot of companies offering franchising opportunities.
The advantage of getting a franchise is you minimize the risks involved in doing business. All production risks have already been defined and studied. All you need is to have the right motivation and training. There is no need for you to re-invent the wheel.
Getting a franchise is also one of the best ways to learn how to manage or run a particular business. When you buy a franchise you are also buying the opportunity to learn the whole business process, from sourcing of supplies to managing inventory, and handling people, among other things. The important thing is to LEARN.
HERE ARE SOME THINGS YOU NEED TO CONSIDER WHEN BUYING A FRANCHISE :
The advantage of getting a franchise is you minimize the risks involved in doing business. All production risks have already been defined and studied. All you need is to have the right motivation and training. There is no need for you to re-invent the wheel.
Getting a franchise is also one of the best ways to learn how to manage or run a particular business. When you buy a franchise you are also buying the opportunity to learn the whole business process, from sourcing of supplies to managing inventory, and handling people, among other things. The important thing is to LEARN.
HERE ARE SOME THINGS YOU NEED TO CONSIDER WHEN BUYING A FRANCHISE :
- Is the kind of business you are really interested? This is important because, contrary to common belief, when get a franchise, you still have to hands-on. The most successful franchises are still those run by franchisees themselves.
- Relate it with what you are trying to achieve financially. Will getting into the business draw you closer to your financial goal? Is it in accordance with your personal financial plan?
- Assess the quality of the franchisor.
- What is the track record of the company ?
- How many years it has been in business ? Ideally, the franchisor should be in business for at least three years ?
- What are the terms and conditions of the franchisor ?
- What kind of training they will provide you ?
- Will they give you financial support for supplies ?
- What kind of support would they provide in terms of marketing and advertising ?
- What do you get to own after terminating the franchise ?
- How reasonable are the prices of the supplies you need to buy from them ?