Buying a Franchise? Invest Time before Money
by Ed Teixeira
For those considering investing in a franchise opportunity the first step
should be to gain some basic knowledge of franchising. This ought to be done
before searching for franchises and using franchise consultants.
Individuals interested in a franchise
From time to time I’m contacted by individuals who are interested in
investing in a franchise. In many cases the first question is: “I want to
purchase a franchise but don’t know where to begin.” Often times, the
person asks about the benefits of using a franchise consultant. When it comes to
all things franchising, my disposition is to freely share information with
people; at least to a point.
After explaining the role of a franchise consultant/broker I name several of the
national franchise consultant networks and describe the relationship between a
franchise consultant/broker and the franchisors they represent. I will then
suggest they first invest $39.99 in
The Franchise
Buyers Manual , in order to understand why it’s important to follow a
particular process when considering a franchise.
How to start the process
Whether an individual purchases my book or not the most important advice I
can give people is to learn about franchising before engaging franchise
attorneys or franchise consultants. This enables them to have a basic
understanding of franchising before committing to either paying legal fees or
relying upon a franchise consultant. I realize that other than time invested
there is no cost for engaging a franchise consultant except those who provide
individual client services. However, not having a fundamental understanding of
franchising is unfair to both the individual and the franchise consultant. There
is so much information available on the Internet and in print I urge those who
are considering purchasing a franchise to first surf the Internet and also visit
the Federal
Trade Commission, the American Association of
Franchisees and Dealers, the
International Franchise Association and of course
FranchiseKnowHow.
The next step
After an individual has gained a basic knowledge of franchising they can then
decide how they intend to identify the franchise opportunities that best fit
their personal, business and financial profile. The search options include
franchise ad portals, franchise consultants, Internet searches and through
franchise directories, like the Franchise
Handbook.
Before making a fully fledged search of franchise opportunities individuals
would do well to first gain a fundamental understanding of franchising, how it
works and how to avoid making a mistake.
© 2011 FranchiseKnowHow, LLC
Ed Teixeira is the President of FranchiseKnowHow, LLC. He can be reached at
franchiseknowhow@gmail.com
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Are
you thinking about buying a franchise? There's a lot you need to know
before you invest if you want to be successful as a
franchisee. My guide,
