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Do’s and Don'ts for Franchisees

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. It’s your money, your risk and your
  • opportunity. You know mbest what you need, so investigate first hand.
DO'S
  • Talk to and visit as many franchisees as possible.
  • Talk to and visit the franchisor and get to know the history and experience of the Officers and Managers.
  • Consult any and all advisors that you feel can be helpful to you, including a franchise attorney.
  • Ask any and all questions you can. Nothing is too trivial to ask.
  • Take your time, and be very thorough in your investigation.
  • Do comparative analysis of other franchises in the same, and other, businesses.
  • Evaluate yourself as compared to other franchisees that you meet and talk to. You make a difference! Make sure you’re comfortable with what you have to do.
  • Read and understand the sales literature, Franchise Disclosure Document (FDD), etc. Know all the terms of your agreement.
  • Give yourself plenty of room to maneuver financially. Plan for more expense and slower profitability than you think you need.
  • Be thorough; be conservative; be informed. Avoid surprises.
  • The more RESEARCH, RESEARCH, RESEARCH, you know, the better your decision is likely to be.
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