1.Finding out all about franchising. Surf the World Wide Web and read as much as you can about franchising its benefits as well as pros and cons. Read magazines and books on franchising too.
2.Researching on the different kinds out franchises in order to choose a franchise that you will enjoy. Any enterprise must give fulfillment and joy just as a writer cannot work on accounts similarly a business entrepreneur must choose to run a business that he will thrive in.
3.Find out what skills are needed for the business you are interested in. never choose a business or model because it is in vogue. Ask yourself:
a.Am I qualified?
b. What is the reach of the product and will it be needed 10 years from now? Think sustainability.
c.How big is the market and what the projected growth potential is?
d.Is the chain local or global in reach?
e.Do the products have universal appeal?
f.In the field how many different franchises are there?
4.Once you have located an industry of choice. Weight your options carefully by studying the pros and cons of every franchise group in the industry. Most industries like say coffee have at least 4-5 successful franchises operating.
5.Contact each franchise and request for information packs. Learn the history, about the successes and failures, the products and services, expansion plans, turnover etc.
6.Meet more than one franchisor in your field of choice. Think did I like them and their attitude. Would I like to be a part of their operations? Did they treat me with respect? Will I fit in their organization?
7.Once you have narrowed down your choice to a single franchise make the effort of doing a thorough back ground check. Find out about the shareholders, directors, financial health, whether they follow the Franchise Association’s Code of ethics. And whether fair business practices are in place.
8.Take the professional expertise of experienced franchise accountant, lawyer and bank. Prepare a solid business plan. Weigh the pros and cons of finance options. Get the lawyer to read through the companies franchise agreement and ensure that your rights are protected.
9.Before you sign an agreement survey your locality to find the ideal spot to set up your business.
10.Think about whether you want to start a fresh franchise or purchase one that is already running and up for sale.
Take decisions professionally. Consult your family too! Begin your life as a business franchisor on the right foot and work towards running a healthy and profitable business.
