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If you want to buy a franchise that turns a profit, you’ve got to invest some time into researching the market. Buying into a fad marketplace may be a way to make some quick money, but most consultants will tell you long-term profits are the true measure of good money management. It’s essential to research capital needed, monthly advertising requirements, training timelines and future transportation and development plans for the region.
One way to get a jump-start on your research is to track down a small business owner in a comparable region. Do some demographic research to find an opportunity in a neighborhood of roughly the same size and makeup. If you’re investing in a national franchise like a McDonald’s, find a local business owner and call her to set up an informational interview. Pick her brain to find out what she likes about the company and what she would do differently if she were to buy again.
Read the Fine Print Before You Buy a Franchise
Before you buy anything, make sure to read the franchisor’s financial disclosure document. Look for items of interest such as the length of the contract, projected sales and training and support services. Make sure you understand any penalties or fees related to early termination of the contract as well. You may want to have a lawyer look over any documents to protect your investment before you buy.
Match Point Networkoffers financial consulting to help you find and research franchise opportunities for sale around the country. You can send an email to Match Point to set up a free initial consultation.
Through consulting and training, Franchise Research Corp can build a custom tailored program..More
Between 2004 and 2005 over 300 new franchise concepts were launched in the US.
In today’s high growth franchising industry, 1 new franchise opens its doors every 8 minutes of every business day.
The execution of business requires a strategy and top talent.