11 mistakes You Should Avoid Investigating a Franchise
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Bin There Dump That's Franchise Team looks at 11 mistakes made by in the franchise investigation process. From financial options, to investigating methods, you may be skipping on a wonderful franchise opportunity or investing in a poor franchise opportunity
Transcript of 11 mistakes You Should Avoid Investigating a Franchise
- 11 MISTAKES YOU SHOULD AVOID INVESTIGATING A FRANCHISE
- 1. They Assume That the Franchisor Is Trying To SELL Them A Franchise:
- BUT Good Franchise Companies Make Candidates Qualify To Own Their Franchise
- 2. They ASSUME That All Franchise OpportuniJes Are Valid, Protable & "Approved" By Somebody:
- BUT This AssumpJon Isnt True. The marketplace makes these decisions. YOU ALWAYS HAVE TO DO YOUR HOMEWORK!
- 3. They Don't Keep Their IniJal Dreams Burning Brightly
- THEY NEED TO Keep Investigating! If there is a roadblock you cant get around, seek advice from the Franchisor
- 4. They CONFUSE "GeVng InformaJon" With "Making A Commitment"
- BUT Good Franchisors Will Encourage The Exchange of Information To See If Theres A Match
- 5. All Their INVESTIGATION Is Done Behind Their Computers
- BUT Personal Communication Cannot Be Replaced
- 6. They Don't INVESTIGATE PotenJal Problems Thoroughly
- THEY NEED TO Evaluate! Talk to ExisJng Franchisees And Take Notes!
- 7. They Don't VISIT THE HOME OFFICE When Opportunity Is Available To Them
- THEY NEED TO Take Full Advantage of The Franchise Companys Discovery Day
- 8. They RUSH Into a Decision or DAWDLE To Go Ahead With the Purchase
- THEY NEED TO Keep a Steady Pace to Your InvesJgaJon While Keeping Contact With Franchisor
- 9. They Dont ASK QUESTIONS About Themselves
- THEY NEED TO Ask Questions Like: What Am I Looking For in a Business? Can I Build Equity With This Franchise?
- 10. They DONT CHECK OUT Financing Sources
- THEY SHOULD Talk with your franchise consultant. Consider ALL possible sources of financing
- 12. INSTEAD Do Not Quit and Do Not Get SNIOPD (SuscepJble to the NegaJve Inuence of Other People)