Deciding Whether to Buy the Franchise
Creating Your Business
Once you have found a franchise and have completed your investigation, all that's left is the final purchase decision. Here are a few suggestions for things you should think about before you make that final decision:
- Make absolutely sure that you've gathered all the information you can. Above all, don't rush into the decision until you've explored every avenue of the franchise.
- Make sure that the franchisor is reputable before you buy. When we hear "franchising," we often think "safe." But there are plenty of unscrupulous franchisors out there. Franchising is so popular these days not just because people are eager to buy, but also because people are so eager to sell them. There is a lot of money to be made by those who sell franchises. Consequently, a lot of people, some of whom are unscrupulous, are drawn to franchising.
- Make sure that you show the information you gathered to your lawyer and to your accountant. Ask them if they think the franchise is a good idea.
- Make sure that your decision is from the head as well as the heart. Don't buy a franchise, for example, just because you liked eating there once. Don't buy it unless you are reasonably sure that you can make some money from it.
Evaluating Your Chance for Success
Investigating the Franchise
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