How to acquire a franchise
Video: Buy a Franchise or Start a Business? Benefits of Franchising 2024, July
By deciding to purchase a franchise, you protect yourself from the many risks associated with starting a business. But buying a franchise is the right decision only when you agree to the offer of a well-known player in the market, and do not flatter yourself with the benefits that the dubious company offers.
Instruction manual
1
Find information about franchise companies. Such companies place ads in newspapers and magazines that focus on business issues. A lot of similar information can be found on the net.
2
Contact directly companies that sell franchise-based services or products. They operate in various fields of business: from computer technology to accessories for weddings. Do not limit yourself to choosing a fast food franchise just because this area is strongly associated with the franchise.
3
Find out the basic conditions of cooperation from the franchisor. Learn more about the products or services offered for purchase. Check the availability of training manuals, operating instructions for the proposed products. Be sure to ask about advertising support and sales promotion for the company that sells the franchise. Staff training will not be superfluous.
4
Conduct an independent franchise assessment and draw up a business plan. This will reduce risks, especially at the initial stage. Evaluate the market where you are going to work. Find out how many companies promote products or services like yours. Ask your friends and relatives about the difficulties they experienced in purchasing the products you offer.
5
Before buying a franchise, contact the main office of the company with a request to demonstrate how work is going on in the existing branch of their network. Check out how the contract is implemented. Only in this way you will understand whether it will be profitable to purchase a franchise from this company.
6
Beware of franchisors asking too high a price, but in reality not providing the necessary support. Also beware of those who hide insolvency at a moderate price.
