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Selecting the right franchise

It is crucial to take the right decision while taking up franchise as you will be investing a lot of research, investigation and effort in running the business.

By Pallavi Majha Chief Sub Editor

Have you ever cherished a dream of owing a business? Your answer must be yes and why not? In fact each one of us wishes to be our own boss.

Franchising provides us an opportunity to be the owner of a successful business.

A large number of franchise opportunities are available in almost every industry one can imagine. Some of these franchisees are well established with proven systems and support structures in place, while others are comparatively new. Now, before one starts imagining oneself as a successful business owner it is very essential to make a right franchise selection. Right franchise selection will reduce the risk and will elevate the levels of success. Here are some steps for selecting the right franchise:

  • Analyse yourself: Do you have the qualities of a business person or not? Ask yourself the reason for owning the franchise business. Check out for your marketing and sales qualities. Also consider your family obligation and the amount of time you can spare.
  • Financial investments: Take a close look at the kind of investment that you can make as all kind of small as well large opportunities are available in franchising.
  • Understand franchising: Before investing in any business just understand franchising as a concept. Search on the internet for better understanding.
  • Study various franchise opportunities: Talk to franchisees in various sectors and understand their working systems. Ask them as many questions as possible and consider the success rate of various franchises.
  • Examine the industry: Once you have finalised the industry for which you want to take up a franchise talk to all the franchisors of that particular industry. Evaluate them in terms of training and support they provide, investment required in terms of money and market value of the brand.
  • Take an accountant’s assistance: Talk to your accountant about income and profit projections made by the franchisors and talk to a solicitor about the franchise agreement.
  • Do not rush out for decision: To maximise the chances of success it is imperative you do not rush your decision. Consider all aspects before committing yourself.

Make yourself 100 per cent sure, that the franchise is right for you before making an investment.

Comment
Kirthi 12, Jul 2012 at 01:22 PM
the opportunity? Match these up when lokoing for your franchise.How to find your franchiseCheck out How To Buy A Franchise to learn more about the International Franchise Association. This industry group also provides some
ram murti sharma 14, Nov 2013 at 02:27 PM
i wanted to start a departmental store at jammu as i have a very good location at main road
dinesh singh 20, Dec 2013 at 06:09 PM
hi I would like to take lubricants dealership
NIKUNJ GOENKA 23, Jan 2014 at 02:44 AM
HELLO . I AM INTERESTED IN TAKING DEALERSHIP OF A COMPANY IN WEST BENGAL WHICH WOULD TALK ME TO NEW HEIGHTS. SO PLEASE DO SUGGEST .
Ravi Patoju 28, Apr 2014 at 12:18 PM
Hi, I am intesrested to take a dealership of a comapny in viskhapatnam, Hence request to please suggest.
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