Why buy a franchise?

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Buying an existing franchise is one of the quickest ways to start your own business. However, it is important to be aware of the potential pitfalls and the problems that may arise.

There are two main routes when it comes to getting into franchising.

Firstly you could buy a franchise direct from the franchisor or you consider buying an existing franchise.

Existing franchises for sale are often advertised online or occasionally the franchisor may direct you towards a franchisee who wants to sell.

If you do decide to buy a franchise, you will obviously be considering a business that has proven itself to be commercially viable. This can be a great thing as you know the venture has the potential to be a success for you too. But, it’s crucial that you find out why the franchisee wants to sell.

There are obviously genuine reasons for the sale and these can include retirement, change in personal circumstances or the owner’s desire to go into a different industry or location.

However, it is possible that the owner could be selling because the franchise is not doing very well. Beware of these situations! How confident are you that you can turn the business around into profitability when the existing owner could not? You must find out the exact reasons for its failure. In the instances where this was due to the wrong location or to a small or shrinking customer base then take stock and re-think the deal.

You must ensure you’re getting good value for money. Compare the costs of the franchise to similar ventures. The devil is in the detail. You need to make sure you’re armed with all the relevant information well before the purchase.

Startups.co.uk is the UK’s top Internet resource for starting a business. Whether you are an early entrepreneur or you have just started a business, we have all the information, including free tools and guides, to get your small business started.

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Topics: Business | Comments Off

Tags: Business, company, franchise, Franchisee, franchisor, how, start, starting, startup, to

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MLA Style Citation:
Rizk, Sara "Why buy a franchise?." Why buy a franchise?. 29 Nov. 2010. uberarticles.com. 13 Apr 2012 <http://uberarticles.com/business/why-buy-a-franchise/>.

APA Style Citation:
Rizk, S (2010, November 29). Why buy a franchise?. Retrieved April 13, 2012, from http://uberarticles.com/business/why-buy-a-franchise/

Chicago Style Citation:
Rizk, Sara "Why buy a franchise?" uberarticles.com. http://uberarticles.com/business/why-buy-a-franchise/

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