How do you find a great franchise opportunity amongst the thousands advertised on the internet, franchise exhibitions and magazines? In this article I examine the key qualities that potential franchisees should look for when evaluating a franchisor and their business model.
Is the business model profitable? This is the number critical issue that should be examined in great detail before any commitments are made. Can you see a market for the products in your territory? Some franchises only work well in areas with a certain type of demographic and in specific locations. If your demographics are wrong or you can not find the ideal location then you might be well advised to consider another franchise.
Is the market sustainable and set to grow? Many franchisees make the mistake of buying into a franchise when the market is already saturated and declining. Just because a lot of franchisees made a great profit in the past it does not mean that the same circumstances apply today. All business markets move in cycles and it is important to get in at the right time.
What do existing franchisees think? The best way to gather information that the franchisor will not...
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