Archive for the ‘Buy a Franchise’ Category

Find franchising tips

If you are thinking about investing in a franchise, there are many things to take into consideration before diving in head-first. Doing your homework is essential–if you buy into the right one, you may find yourself running a very successful and profitable business. On the other hand, a hasty investment made without proper consultation and research could end up leaving you in a financial hole you can’t climb out of. Here are several things you should consider before making the decision to buy into a franchise.

Franchise Options

There are many different franchises for investors to consider–from…

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Franchising is not magic

“Franchise opportunities – easy to run, no experience required!”

In this article I want to be totally honest with you: Whenever you encounter such offer, not only in franchising but in any business opportunities, my only suggestion for you would be to stay away, even run away from them.

Franchises are mistakenly touted to be businesses that are easy to run – thanks to the proven franchise system in place. This is misleading and could lose franchisees money eventually.

Here’s the cold, hard truth: Despite the proven system in place, new franchise units are essentially business…

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Franchise resale

If you consider yourself not having a knack in starting out business or buying a new franchise unit, you might want to consider buy a franchise resale.

A franchise resale is essentially an established franchise unit that already has built a credible track record in the marketplace and community. The number one benefit of buying a franchise resale is that you will get not only a proven franchise system, but also a franchise unit that has an established financials, business operation and customer base.

Despite the huge benefit, you must heed the inherited issues that may become potential…

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What is my reason in buying a franchise?

Choosing and buying a franchise is easy. The tough part is finding the right reason why you want to buy one. Learn from my mistakes.

I remember all the excitement that comes with the process of finding the right franchise to buy. Visiting franchise expos, talking with franchise owners, visiting franchisees’ stores, getting pitched by franchises’ marketing team… and so on.

All seem wonderful. All seem promising. All seem sure-fire.

I decided to pick one of the many. A business service center, the national leader and among the top in the franchising…

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Promise?

I heard too many stories of franchisees who “feel” that they were being cheated by their franchises, resulting in an under-performing, if not dying, franchise units.

The general rule of thumb in any business agreement is: read every word, and don’t forget the fine print.

Not to discredit franchisors, but some seem to have a subtle intention to “trick” franchisees into signing for franchise agreement. Alas, we can’t ask for franchisors to guarantee anything – they can’t, and even if they do, they are considered as both unethical and illegal.

The truth is, you and I can’t put all…

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Refranchising has always been a hot trend of the decade in franchising. The all-important question: Is refranchising beneficial franchisors, franchisees, or both?

Refranchising

Refranchising is basically about selling the franchisors’ own units to franchisees. So, yes, franchisees are buying established franchise business with well-run operation and positive cash flow.

To me, refranchising is a blessing – I am tired of starting up, and with franchising I expect more than just a start up business. For you who share my vision, you might be interested in refranchising, as well.

Why do franchisors refranchise?

Firstly, you need to know that own units…

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Many people deciding to buy a franchise because it is closely related to their hobbies. My opinion: Hobby-based franchises are great, but let your hobby be your hobby.

Science franchise

I have talked with some franchisees in the past who are buying a franchise because it is their hobbies-turned-into-businesses.

One of their most common comments is: Let your hobby be your hobby.

To clarify: Not that hobby-based businesses (in this case, franchises) are bad. In fact, for the right people, hobby-based franchises can be extremely successful, considering the nature of hobby/entertainment community and industry.

Unfortunately, using your hobby as the…

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Due diligence is the keyword to ensure that everything you have planned in buying a franchise will not go in vain. Proper franchise opportunity analysis can only do you good.

Franchise due diligence

Due diligence is resource-intensive. Doing it requires you to put on your business analyst hat, as well as your skepticism hat.

Unfortunately, choosing NOT to do the business due diligence will bring you problems and perils later on.

A price to pay for not doing business due diligence: I lost my franchise units

You don’t need to prove anything, as I have already proved that…

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Franchising leads to many paths

Provided you buy a franchise that allows you to be an absentee owner, being a franchisee can present you with more business opportunities.

Franchisees are comprised of entrepreneurs, professionals, retirees and many other backgrounds – This wealth of background can add diversity, leading to a stronger franchise, benefiting both franchisor and franchisee.

A chance to network and partner with fellow franchisees

In my case, being a franchisee opens up more windows of opportunities – Building a good relationship with fellow franchisees can bring you more business to your other businesses, even partnering to launch a…

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home-based franchise operations

Many people don’t realise that not all home-based franchises are enabling you to do most of your work from home. Some do allow your home to be the ‘headquarters’, where business operations are done mostly outside the comfort of your home.

Let us get this straight – Home-based franchises are those franchises that allow you to, well, use your home as the franchise ‘base’ or ‘headquarters’. Although, in general, home-based franchises describe those that allow franchisee to stay at home and (mostly) work from home, some home-based franchises are mobile franchises – Those that don’t require…

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