Franchising, in general, is sharing formula of the successful business model with other aspirants looking to partner in expanding the business.
Go for a franchise if you have answers for all this below questions, I again repeat, all the questions, if you don't find answer even for a single question, just turn it down, you are not here to help someone else to build their business with your money.
Get this clarified from your franchisor
- Is it a successful business model?
- How old is the business?
- How many units they have at present?
- How good their existing units are doing?
- Does the ROI and Breakeven presented to you looks realistic?
- Is your franchisor open to perform due diligence on their audited documents
- Is your franchisor open to change/add any terms in the contract for you?
- Is your franchise fee refundable?
- What is the royalty? Does this change in future?
- Is the franchisor ready to commit marketing support in writing?
Question this to yourself?
- Do you have sufficient funds to run your business till break-even?
- Have you identified a perfect business location?
- Will the business work in your location?
- What is the purpose of getting into business, passion or money making?
- Have you visited any of the franchisor's existing business units to see the footfalls at business hours?
- Have you taken legal opinion on the contact before signing?
- Did you do a background check on the company and their legal entities?
- Have you identified your target customers?
- Do you have the EXIT plan in case if this business fails?
Winning in every business is must nowadays, any loss in business will take you years back in life or push you into financial crisis.
Good choice of business is most important, our expert team will assist you in pairing with the right business, and handhold you till you launch your business
