Before you buy, follow the money Before making a major purchase, be it a car, a house or a financial investment, sleepless nights might be common. Investing in a franchise is a major undertaking, one that involves not only money but possible lifestyle changes. Want to avoid the sleepless nights? Consider the following 10 key items that are essential to understanding how to buy a franchised-small business.
1. A thorough investigation
First and foremost, a thorough plan for investigation should be made prior to signing a franchise agreement. Knowing the scope and size of the industry is particularly useful for those who are just beginning, considering that between 2003 and 2005, nearly 900 new concepts began franchising according to an International Franchise Association Educational Foundation study.
Franchisee-candidates have a wide range of opportunities in more than 80 business categories, in investment ranges from as low as $10,000 to more than $1 million, and business formats of all shapes and sizes. The concepts range from those related to health, art education, hotels, personnel services, real estate, tax preparation, travel, maintenance and construction.
Prospective investors should prepare for a detailed investigation that includes, but is not limited to, talking to franchise experts, consulting family and friends, researching companies, checking finances, and reading the latest research about franchising on the association’s Web site, www.franchise.org.
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