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Home » Uncategorized » The Do’s and Don’ts of Purchasing a Franchise

The Do’s and Don’ts of Purchasing a Franchise

in Uncategorized on 12/15/14

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I just want to let you know that all opinions are my own and I may earn from qualifying purchases. Regardless, I only recommend products or services I use personally and believe will be good for my readers. Enjoy and feel free to share with your friends!

The risk of being a business owner isn’t worth it to everybody. If entrepreneurship scares you, a franchise might be the best option. Yes, there are still risks, but owning your own Cold Stone franchise is a lot less risky than starting a brand new ice cream shop. Read on for the dos and don’ts of buying a franchise.
Franchise Business

Do:

  • Do volunteer before making any final decisions. Learn what it’s like to own a franchise by asking a franchisee if you can shadow for a few days or help out at the store.
  • Do prepare yourself to work long hours, weekends, and even holidays. You may want to work at one of the franchises first to get a feel for what the job is really like.
  • Do read as much as you possibly can about the franchise before purchasing it. The more you educate yourself on the processes and policies, the more of an informed decision you’ll make. Plus, once you do open your shop, you’ll be prepared for what to expect and how to handle problems as they arise.

Don’t:

 

  • Don’t try to do it entirely on your own. Ask the franchisor for help and advice, go to other franchise owners for guidance, hire marketing and sales staff members if you need to – not everything has to fall on your shoulders.
  • Don’t be a rule breaker. If you like to test limits, push boundaries, and do things your own way, franchising may not be the best fit for you.

It’s true that purchasing a franchise can be pricier than starting your own business from scratch, but the success rate of franchises is higher than that of independently-owned businesses. By following the tested-and-true guidelines that the franchisor has laid out for you, your chances of success skyrocket.mufavicon

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Comments

  1. cheragiles says

    December 16, 2014 at 2:15 am

    I am looking for possible investment options these past few days and this is such a timely post to stumble upon. However, since we are based abroad, franchising could be a little difficult since we can't manage the business hands on. So basically, our primary option right now would be mutual funds and equities. Thanks for sharing!

  2. Mommy Maye says

    December 16, 2014 at 3:02 am

    Thank you for this. You always inspire us to invest and all your tips are helpful.

  3. Allan D says

    December 17, 2014 at 12:12 am

    Before, Mommy and I were thinking of having a franchise of food carts but we set that idea on a side since we are not yet sure on how to handle such business.

  4. JanzCrystalz January says

    December 21, 2014 at 8:33 am

    I remember my friend who wants to franchise a food cart, I should let him read this post. Thanks for sharing sis. Your blog is very informative unlike mine.. toinkz!

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