Tag Archives: franchise

What to Look For in a Franchise

In the long run, there are many criteria to consider when evaluating a franchise opportunity. But initially there are just three main questions I ask in order to determine whether a given opportunity warrants further investigation. In attending a Discovery Day, I want to know:

Is this the right market to get into?

It doesn’t matter if a franchise has the greatest products or services in the world if consumers aren’t ready, willing and able to buy. Are industry sales growing? If so, do credible sources predict that growth will continue? This was one of my main concerns about the Hand & Stone Massage concept: Isn’t massage one of those luxury items that gets cut in recessionary times?

Is this the right concept to meet the market need?

If you determine that there is a market need, then ask: Is this concept designed to meet the needs of both the consumer and you – the operator? The best franchise concepts are streamlined for both operational efficiency and profitability. They are designed to provide value and a superior experience for your customer, and growth through multiple revenue streams for you.

Is this the right management and support team to guide my growth… now and in the future?

This is a critical consideration for several reasons. When you purchase a franchise you are agreeing to follow the systems and policies set forth by the franchisor for the duration of your franchise contract. For that reason, it’s critically important that you are confident that the leadership team has both the experience and judgement to make the right strategic decisions, and that they are truly committed to franchisee success. Additionally, you should consider the franchise fees and royalties you will pay as fees for services rendered and evaluate them on that basis. Does this management team have the experience and expertise to provide value to your business not only in the start-up phase, but on an ongoing basis? Can they provide benefit in excess of the monetary contributions you will make?

NEXT: Part 2: The Booming Market for Massage & Facials
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Best Franchise eBooks

libavabook.jpg(Best Franchise Opportunities) Joel Libava is a top franchise blogger who knows all the tricks and traps that can befall a prospective franchise buyer. He himself is a second generation franchise broker who helps match buyers with the right franchise opportunity. So who better to help provide you with the insider tips and guidance you need to find the right franchise opportunity to help you meet you personal and financial goals?

Now Joel is providing the benefit of his decades of franchise experience through a new inexpensive franchise eBook available for instant download.

Check it out today. Believe me, spending a few bucks today can save you a fortune in the long run. If you’re considering a franchise, invest in the expertise and guidance that will help you find the right franchise. As the cliche goes, you can’t afford not to.

Click here: Essential Steps to Researching a Franchise Opportunity, Joel Libava

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