Buying a franchise could be a great option for some and the worst option for others. The entrepreneur must be aware of the factors that will influence whether he buys a franchise or not. Much of these depend on the entrepreneur himself, his personality and what his reasons are for wanting to own his own business. “Franchising is about being in your own business, but not alone in your own business.” The advantages Reduced risk - Franchise...

There are thousands of franchised businesses covering a broad range of industries, from well-known national brands to smaller, local opportunities. The challenge is to choose one that excites you and is a good investment. It is critical for you to do as much research about potential franchisors as possible, so can make an informed decision about which franchise you will eventually buy into. Comparing franchises There are some basic things ...

Not listening. Entrepreneurs normally have strong personalities with specific viewpoints and stick to what they believe in. That is good, but it is also wise to step back and listen. Listen to what your customer is telling you. This will give you a very good indication of what they want and need, and the problems they encounter. Let us start with what they want. I remember when I was running my own business I wanted to manufacture what I tho...

The minute you take your eye off the ball you risk your business. Many entrepreneurs work very hard to establish and build a business and after a while they feel confident that they have it all under control. They have built up the expertise necessary to manage the business and it becomes second nature, but eventually they fall into a ‘comfort zone’, which is the start of the demise. I remember a client of mine saying: “I keep the keys o...

In franchise terminology, the purchase of an existing franchise outlet is referred to as a ‘resale’. When buying a resale, you have to do the same research and assessment you would do if you were buying any business. There are also a few more issues to consider. Why buy a re-sale? There is an up-side to buying an existing franchise. Some advantages are: The buyer has an existing base from which to grow the business Customers already ex...