Franchising research is a dangerous business for potential Franchisees. The Franchisor can hold all the cards….unless you see the relationship for what it is!
I’ve set out below 4 rules that I go into in more depth in my book. Ignore these at your peril, but take them into account and you and the Franchisor can have discussions with the deck not stacked against you.
1) The Franchisor is wishing to enter into a contract with you that will enable him to grow his business. The relationship that you develop is based around MUTUAL benefit. In the light of this, there is no need to feel that you have to impress the Franchisor or that when you meet with them you are applying for a job.
2) The purchase price of the Franchise should be in proportion to the rewards that are realistically on offer. Don’t forget, every penny spent in the purchase of the Franchise is one less going into the development of the Franchise after purchase.
3) Remind yourself that the person who is taking the biggest risk in this relationship is you. It’s true that the Franchisor wants to grow their Franchise with the right people. However don’t forget that if they don’t sell Franchises they don’t grow their business at all!
4) The Franchisor’s representative is well motivated to sell you a franchise. Remember, if this was a job interview you would be the salesman in the relationship. In fact you are the buyer and the Franchisor is the salesman. Tailor your approach in the light of this.
Don’t forget these rules when interviewing Franchisors.
NOTE YOU are interviewing THEM -- NOT vice versa!
Gareth Williams is an advisor on franchising from the franchise buyers perspective. A past franchise owner he has real experience of franchising 'from the trenches'. He has written what many consider to be the definitive guide to buying a franchise. This is available from http://www.realworldfranchising.com
Article Source: http://EzineArticles.com/?expert=Gareth_Williams
I’ve set out below 4 rules that I go into in more depth in my book. Ignore these at your peril, but take them into account and you and the Franchisor can have discussions with the deck not stacked against you.
1) The Franchisor is wishing to enter into a contract with you that will enable him to grow his business. The relationship that you develop is based around MUTUAL benefit. In the light of this, there is no need to feel that you have to impress the Franchisor or that when you meet with them you are applying for a job.
2) The purchase price of the Franchise should be in proportion to the rewards that are realistically on offer. Don’t forget, every penny spent in the purchase of the Franchise is one less going into the development of the Franchise after purchase.
3) Remind yourself that the person who is taking the biggest risk in this relationship is you. It’s true that the Franchisor wants to grow their Franchise with the right people. However don’t forget that if they don’t sell Franchises they don’t grow their business at all!
4) The Franchisor’s representative is well motivated to sell you a franchise. Remember, if this was a job interview you would be the salesman in the relationship. In fact you are the buyer and the Franchisor is the salesman. Tailor your approach in the light of this.
Don’t forget these rules when interviewing Franchisors.
NOTE YOU are interviewing THEM -- NOT vice versa!
Gareth Williams is an advisor on franchising from the franchise buyers perspective. A past franchise owner he has real experience of franchising 'from the trenches'. He has written what many consider to be the definitive guide to buying a franchise. This is available from http://www.realworldfranchising.com
Article Source: http://EzineArticles.com/?expert=Gareth_Williams
Labels: Franchise Opportunity
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