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7 Things to Consider Before Getting a Franchise

With hundreds of options made available at this year’s Franchise Asia 2011, it can seem like an overwhelming task for an aspiring entrepreneur looking for the perfect franchise brand.

To make things a little easier for you, Entrepreneur.com.ph has compiled seven things that you should know about yourself before choosing the best franchise brand for you.

• Know yourself
You have to look at your personality and the type of people you are comfortable dealing with. Also check where your inclinations lean—toward food or service. Remember that in making any choice, your personal satisfaction is at stake.

• Know how much money you can afford to invest
If you need more, who can you tap and what kind of arrangement will you have to make with the lender? Would you consider getting partners? If so, would you be comfortable running the business with them? Do they understand what they’d be getting into?

• Get your family behind you
Before making the first move to securing a franchise, ask your family if you have their support. That support will be critical when you hit any rough patch. Without it, your work is going to be a slog.

• Shop around
Bring a small notebook to jot down your observations when you attend a franchising show. There will be hundreds of franchises to choose from, so your work is cut out for you. Choose smart.

• Zero in
The process of searching normally takes around a month—and sometimes a year. Short-list the companies you want and make your choice. Then write a letter of intent—this obliges you to nothing—to the franchiser inquiring about the offering and including your address and contact numbers. When the franchiser gets in touch with you, he’ll request an initial meeting, where you’ll be told about procedures.

• Visit franchisees
Ask the franchiser for a list of his franchisees including their addresses and contact numbers. Find out if they’re satisfied with the business and their relationships with the franchiser. The rule of thumb is to visit at least 20 percent of the franchisees to get a cross-section of their views.

• Get a good location
Find out if the franchiser has locations available for you and if you’ll fit in any of those. Good luck and have fun choosing the best franchise available for you.

By: Entrepreneur Staff http://www.entrepreneur.com.ph

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