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Smart Ways You Can Easily Identify A Good Franchise Business Model
Entrepreneurship

Smart Ways You Can Easily Identify A Good Franchise Business Model

Elechi EmekobumBy Elechi Emekobum14 November 2014Updated:6 April 20224 Comments3 Mins Read
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In our previous article on franchising, we highlighted how franchise business model can provide a proven business format.

For entrepreneurs, franchise business offers great business opportunities and access to expert professional advisers.

It’s a better way to start a business with established brands and reputations without spending too much.

Franchising is not really a new business model, but the fact is that many aspiring entrepreneurs are still skeptical about it.

Identifying a good franchise business model

Table of Contents

  • Identifying a good franchise business model
    • #1]. Research the business and get to know its success rates
    • #2]. Understand the business and the people involved
    • #3]. Investment level and costs
    • #4]. Lifestyle
    • #5]. Professional advice

You will all agree with me that the past couple of years has not been particularly an easy ride for businesses.

The downward turn in the market and loss in confidence by both consumers and lenders hit many businesses hard, with many unable to survive.

Below are some key steps to follow in identifying a good franchise.

#1]. Research the business and get to know its success rates

Do you how work really well. Make sure you speak to existing franchises. You want an extensive list to choose from.

Speak to both successful and less successful franchises to give you a much more rounded view. Ask for the success rates of other franchisees. There may be failures but the important aspect is to understand why.

#2]. Understand the business and the people involved

Another thing is to make sure you understand all the business operations and what is involved on a daily basis. This will give you a better inside understanding of the business. It’s better to know where you are going than to get there regretting.

Don’t underestimate the importance of meeting the people involved at their office and finding out who you would be in contact with and what their experience in franchising is. Please check out our article on how to easily get your new business off the ground.

#3]. Investment level and costs

In the franchise business model, the levels of investment range from smaller amounts that you may already have available to larger amounts that you may need a bank loan for.

It actually depends on the kind of franchise you want to go for. It’s also essential to understand what costs are involved, both up-front and ongoing, and importantly what you get for those costs.

#4]. Lifestyle

You will need to make sure that you are happy with the commitments needed for this news business. You will also need to consider the support and understanding of those around you.

#5]. Professional advice

There are a host of accredited professional advisers that specialize in franchising, including consultants, accountants, solicitors, banks, and even media.

These advisers are invaluable in making sure that you are taking the right steps and don’t miss any vital information. When it comes to reviewing the franchise agreement make sure you go to a franchise solicitor. It can save you a lot of money in the long run.

Also, don’t forget to search online for objective advice and numerous educational and advisory resources.

……………….
Please do check British Franchise Association (BFA) website for more information on franchise
 
 

5 Smart Ways You Can Easily Identify A Good Franchise Business Model
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Elechi Emekobum
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Elechi Emekobum is into health and social care. She loves blogging, content writing, social media, branding, travelling, gadgets, and health products. Check out her other articles on Hotelsrepublic.com and follow her on Twitter.

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4 Comments

  1. Pat Williams on 14 November 2014 8:39 pm

    Thanks for your marvelous posting! I genuinely enjoyed reading it, you can be a great author.

    I will be sure to bookmark your blog and will come back from now on.

    I want to encourage you continue your great job, have a nice evening!

    Reply
  2. RogelioCEros on 18 November 2016 5:22 am

    I have to to many thanks for this fantastic read!!
    I definitely loved every tiny amount of it.
    I’ve got you book-marked to check out new stuff you post

    Reply
  3. TaishaZPoxon on 26 November 2016 4:54 am

    This is very interesting, You are a very skilled blogger. I’ve joined your feed and look forward to seeking more of your great post. Also, I’ve shared your web site in my social networks!

    Reply
  4. lucy ann on 11 July 2017 1:25 am

    6oBIxO Muchos Gracias for your article post. Great.

    Reply

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