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1.A Great Industry Assures Your Success. Some franchisors point out how large an industry segment they address. While it’s generally important that you are addressing a growing market, this alone will not make you succeed. The franchisor’s training, marketing plan, site selection, how you implement their plan and many other factors will be more important to your success than just the size and growth trend of the industry served.
2.I Can Open My Franchise for Less Than the Franchisor Predicts. Don’t mislead your franchisor. If you are overly optimistic and undercapitalized you may be doomed to failure–through no fault of your franchisor.
3.Bigger is Better. The more franchises exist in a chain, the more successful they all must be. Great marketing, aggressive salesmen, and an attractive industry can cause a franchise system to grow even though there are better franchisors in the same industry. Call many franchisees and ask them how much TLC they receive. Then check in to other systems to evaluate the satisfaction level of their franchisees. Sometimes, in their eagerness to grow, a system will “overpopulate” a city with many units causing each to steal business from others.
4.Never be the First Franchise in a System. Who could get more care and attention than the first franchisee to join? If the franchisor has good experience in its industry and you are confident that they will be able to help you replicate their success, being the first should not be injurious.
5.There’s No Need to Hire an Attorney or Accountant Until I Return From the Initial Training. Early mistakes can be costly. Be sure to have a professional involved before you sign a check to your franchisor.
6.I’ll Use About 80% of the Franchisor’s Business Plan, but I’ll Modify it Enough to Fit my Style of Management and My Town. If you buy a franchise, use their
1.A Great Industry Assures Your Success. Some franchisors point out how large an industry segment they address. While it’s generally important that you are addressing a growing market, this alone will not make you succeed. The franchisor’s training, marketing plan, site selection, how you implement their plan and many other factors will be more important to your success than just the size and growth trend of the industry served.
2.I Can Open My Franchise for Less Than the Franchisor Predicts. Don’t mislead your franchisor. If you are overly optimistic and undercapitalized you may be doomed to failure–through no fault of your franchisor.
3.Bigger is Better. The more franchises exist in a chain, the more successful they all must be. Great marketing, aggressive salesmen, and an attractive industry can cause a franchise system to grow even though there are better franchisors in the same industry. Call many franchisees and ask them how much TLC they receive. Then check in to other systems to evaluate the satisfaction level of their franchisees. Sometimes, in their eagerness to grow, a system will “overpopulate” a city with many units causing each to steal business from others.
4.Never be the First Franchise in a System. Who could get more care and attention than the first franchisee to join? If the franchisor has good experience in its industry and you are confident that they will be able to help you replicate their success, being the first should not be injurious.
5.There’s No Need to Hire an Attorney or Accountant Until I Return From the Initial Training. Early mistakes can be costly. Be sure to have a professional involved before you sign a check to your franchisor.
6.I’ll Use About 80% of the Franchisor’s Business Plan, but I’ll Modify it Enough to Fit my Style of Management and My Town. If you buy a franchise, use their