Posted By Don Monteith on August 20, 2008

Are You Ready to Buy a Franchise

Lots of folk think all you have to do is buy a franchise from some company and you are on your way to great success. NOTHING is farther from the truth!!

How do I know? Been there! Done that! It is more often than not a bad deal and a lot of money up front. You’ll pay FUTURE fees for the privilege of doing business. If you don’t like to be told what to do and how to do it, then you probably want to look long and hard before buying a franchise.

It is not a cookie cutter kind of deal. Many of the reasons a franchise is successful in one area of the country may not exist where you live. It could be the weather. Maybe senior citizens. No yuppie folks available to buy your product. Who is your customer? Do they exist where you are? There are many reasons a franchisee fails.

My own experiences prove you have to do your own research. How important it is that you know WHY a franchise is extremely successful. There are lots of reasons. Is it the area of the country? What is your area like? In 1966, 32 years ago, I bought a personnel agency franchise. (Obviously, I was very young!) Which means I didn’t know what I was doing, I let my ego guide my decision.

My own business was an exciting idea. President of a personnel agency with ownership. The home office (franchiser) was doing great and there was every reason to believe that we could do the same in our city.

What Did We Miss??

It just happened to slip by us that the manager of the home office was hired to run the company AFTER being very active (an officer) in the personnel association in his city. Do you already see OUR problem? The buyers of personnel services belong to the personnel association! NO ONE on our staff was a member nor were any of us known by the members of the personnel Association. He had an inside track!! He already knew the buyers, not only as trusted friends, but they knew him as a trusted and knowledgeable personnel executive.

I’ll tell you later how I came out ahead in this deal. It takes us back to realizing that we are on a journey, not a destination. This is not where we ended. Good things happen when we keep on keeping on thru life. We can’t give up!

BUSINESS TIP: Buying a FRANCHISE is NO GUARANTEE of Success. YOU must know the reasons others are successful. LOCATION is important. FINANCES are extremely important. BEST DEAL…go WORK for another franchisee… FREE! YOU will quickly LEARN more than you ever wanted to know…

Categories: Business Tips
Tags: Business, Business Tip, buy franchise, franchise