5 Things to Avoid When Purchasing a Franchise

Things to consider before you purchase a franchise:

  1.  Don’t purchase a franchise simply because you’re in love with the product. You have to love the nature of the business, the people and the process too! Just because you like the product, doesn’t mean you’ll like owning the franchise. If candles are your thing, remember this is retail, ask yourself, are you the right fit for retail? Or better yet, ask a Franchise Broker! We have assessments that can help to identify which industry is best for you!
  2. Don’t purchase a franchise on your credit card! Interest rates can be sky-high. We offer a plethora of funding sources with low interest rates as well as programs that can use your retirement funds to purchase a franchise penalty free (IRA, 401k).
  3. Don’t ignore proper due diligence. Working with a Franchise Broker is essential for proper research and due diligence of franchises. The more informed you are on the concept, the more comfortable you will be with your purchasing decision and leaving buyer’s remorse to those who wished they had a broker to help every step of the way and know what to look for!
  4. Don’t forget a business plan! Study the local market and the industry trends & projections. We have business plan templates and demographic studies to help you create a comprehensive business plan. call us today
  5. Last but certainly not least – don’t go it alone! Use expert and Certified Franchise Brokers and Consultants to help you identify a business. The franchise world can be intimidating, let a Franchise Broker guide you through the process and help you to ask the right questions with absolutely no cost to you and no added cost to the purchase of a franchise. Franchise Brokers have a wealth of knowledge about the industry and current concepts that taking the charge in the franchise industry.

 

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Posted in Franchise Basics, Franchise News.