December 16 2009
How Do I Go About Buying Into A Franchise That Is Dependable And Safe?
Tagged Under : About, Buying, Dependable, Franchise, Into, Safe, That
We live in a rural part of the state, with several small towns near by. We are open to any type of franchise except fast food hamburgers. Too many of those already. Anyone with experience and success out there that can make some good suggestions?
If it were that dependable and safe everyone would do it.
Having said that, I talked about this with a guy who dealt with franchisees for a major company. He had people who were successful and people who bombed. The winners were the ones that took it on as a job. The losers were ones who were really into being “the boss” and would hire a high school kid to be the manager and take vacations whenever they wanted because there was nobody to tell them they couldn’t. Look for two things. Will they buy it back? Expect the answer to be “yes, with a certain number of months notice”. Will they give you an exclusive territory? A certain national sub shop doesn’t and, if you’re doing well, will put another one down the road from you and offer to let you buy it, thus either halving your sales or doubling your costs.
Franchising can be a very good idea for someone who wants to manage their own business. Before you buy its best to investigate and compare at least 3 or 4 franchising opportunities. Look at things such as likely demand, amount of competition and the how much training and support is offered.