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How To Choose The Right Franchise

Before you take that huge step in grabbing a franchise opportunity, you need to ask yourself if this is really the kind of business that you want and if you are ready to take on the responsibilities. Remember that your thoughts of putting up a business is more than just to have something to keep you busy, but also to make it a successful one that can help sustain the needs of your family. After all, we know that being employed may not provide us the same satisfaction with regards to the financial aspect.

NARROWING DOWN YOUR OPTIONS

There are a lot of franchising opportunities which you may have crossed out after realizing what you really want. More than looking at different well-known brands, try to check on the type of business and specific concepts. Sometimes, narrowing down your options may lead you to a point of choosing whether to put up a business that you are comfortable with or to learn something new because it is what is currently in demand.

FRANCHISOR DISCLOSURE CONTRACT

You may now have a clear thought on which business to franchise. Your franchisor may furnish you a copy of the agreement which you should be able to read and study thoroughly.

Remember the following:

  • Know the initial franchise fee, any ongoing royalty fees and if there are other fees to be paid for advertising and marketing.
  • Know the basic rules and restrictions/limitations. Being a franchise business would require uniformity. Know restrictions on suppliers, products and services, operating hours, uniform of employees, logo, location set-up, bookkeeping and accounting, rights to termination, renewal and resale.
  • Know the franchisor’s business background, the number of years that the franchisor has been in the business and the management team.
  • Check if there are attachments related to the financial reports of the business.
  • Study the scope of the franchising fee. Will it include training? How often? How much support can the franchisor provide?

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