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Look Before You Leap: Things To Do Before Buying Franchises For Sale
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On paper, some business-minded individuals may think that buying franchises for sale is a simple process, like merely drawing a line from point A to point B. However, in reality, things are actually a lot more complex than that. If you’ve got plans of acquiring your own franchise, you first need to look into critical things to ensure you don’t draw the short stick. Below are pointers to help you out.
Investigate on your own.
You may have attended some franchise expos and trade shows to get an idea of what to expect in the franchise industry. However, while these give good industry insight, it doesn’t compare to what you can actually find out on your own. Put your investigative skills to the test, and pry into the franchise opportunities in your area to know which ones have the most potential for profits.
Don’t underestimate the costs.
You are probably well-aware that acquiring a franchise isn’t exactly cheap. However, have you really given its would-be costs a great deal of thought? Aside from the franchise fee, you may also need to make continuing royalty payments for the right to choose the franchisor’s name, as well as pitch in the advertising expenses.
Read the rules on terminations and renewals.
Franchises need to be renewed, so take note of how much the renewal fee would be. Also, a franchise owner reserves the right to terminate the contract should it be revealed you failed to meet performance standards or pay royalty fees. In most cases, franchisors also put restrictions on operation methods, and should it be known that you violated any of these, they reserve the right to terminate the agreement.
Consult with accountants and lawyers.
While you have sufficient knowledge in accounting and law, consider the advice of accountants and lawyers who are well-versed in the franchise industry. Being new to the game of franchising, you may miss out on some pertinent details, which may negatively affect your business venture. Having professionals guide you in the complex world of franchising will help you avoid common pitfalls that newbie franchise owners make.
Think you have what it takes to buy franchises for sale and turn them into an instant success? Well, as they say, don’t count your chickens before they’re hatched, so arm yourself with business know-how first. For more information, visit smallbiztrends.com/2013/01/5-tips-for-buying-a-franchise.html.
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