Before You Buy Into A Franchise Contract

China International Business:

During the course of conducting corporate workshops for my own company MR=MC Consulting, I have always been asked about the opportunities that are provided through franchising. This is especially true for people who do not want to start a company from scratch.

With this in mind, I have developed a quick checklist for you to make the final decision. For simplicity, all questions are crafted to be answered as “yes” – after finishing this checklist, you can then seriously consider being part of a franchise.

1. Do you want to lead an independent life?
2. Are you aware that many franchises fail during the first 2 years of operation?
3. Do you have the support of your family when you choose a franchise?
4. Do you know enough of the franchise’s industry?
5. Do you have your own database of contacts that can support your franchise?
6. Do you have enough financial liquidity to pay for the franchise initial investment?
7. Along the same lines, do you have enough liquidity to spare if there are extra expenses?
8. Do you have an exit strategy when the franchise has helped you realize your personal targets?

If your answers have been a resounding ‘yes’, then here are some tips to consider before you buy into a franchise contract:

Get The Support of Your Family… read on.

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