MOS World

Franchises are appealing to new entrepreneurs who want the reduced risk of a proven product or service while still being their own boss. They can get support from the parent company or fellow franchisees to ensure success. The hardest decision, though, is which franchise to join. How do you choose? Even if you have a general idea of the industry you want to work in, there are numerous options in a variety of price ranges within each industry, leaving you the task of sifting through dozens of websites and information packets to find the one that's right for you. Business News Daily spoke with franchise industry experts and franchisees to aid you in the process of selecting a franchise to buy. Here are 5 steps to get you started off on the right foot: Step 1: Set Your Priorities for Buying a Franchise Step 2: Explore Your Options at a Franchise Show Step 3: Dig into the Key Details Step 4: Speak with Current and Former Franchisees Step 5: Conduct On-Site Due Dilige...

Deciding to take on a franchise is a big commitment with a number of keys factors to consider. So what should a new franchisee be looking for? My first point would be to look for franchises that are part of the British Franchise Association (bfa). To become a member, a franchisor has to go through an accreditation process – so you can be reassured that you are dealing with a reputable business. You can check membership on the bfa website.Make sure you shop around and don’t just speak to just one franchisor – no matter how much you like the business. Compare them to other, similar franchises or those with a similar cost set-up to make sure you’re making the right selection for you. Take advice from family members. Will they support you as the business starts, takes off and through any challenging times that might arise? Also, make sure you consult other professionals, such as a lawyer to check the agreement and an accountant to check the numbers.It is also good to ask the franchis...

Do your homework. Before you hand over any money, talk to other franchisees within the group and ask about their experiences. Don't accept franchises offered to you by the franchiser - instead ask for a list and pick your own.If this is a new franchise, be especially careful - has it been adequately piloted and over a sufficient period?Find out what the initial fee covers, what the continuing management fees are, how much working capital you need, whether the profit and loss projections are realistic, and what assistance you can get to prepare a business plan. DON’T Hurry. Short-cutting your research can increase your likelihood of failure. Over-extend, or be optimistic about your personal finances.Be realistic, and if anything,conservative. Skip consulting professionals.Saving on fees may deprive you of information critical to making a good decision. Settle. Get the business that you want, not the first one that comes along. Take anyone’s word. Find out for yourself. I...

A franchising business is vastly becoming a trend in the business world today. Many are enticed with the benefit it brings rather than having to build a new business from scratch. Before engaging in a franchise, here are some tips for you to know what to do to start up a franchising business. Have a clear busness concept As a business owner, you may be comfortable running on intuition. But as a franchisor, you'll want your franchisees to have a plan -- your plan -- in place for even the smallest of daily operations.Every step of the business must be included in your system, and that means the franchisor must know their business inside and out. You can’t expect your franchisees to understand the business if the franchisor doesn’t have a clear, defined concept themselves.  Research and gather information  There are hundreds or thousands of different franchising businesses in the market nowadays. So you need to study and do great ample time of research on what ar...