Anyone familiar with business knows the franchise model makes perfect sense. You take a successful business, create a system of operation, back it up with demographic and site research, set a supply chain in place and sell (or franchise) these businesses to new business owners (or franchisees). The concept is good. Opening a franchise works, as proven by many who are making money in franchising today. A good strategy in franchising is purchasing a franchise that has been open for a period of time. This way you not only have a track record of the brand but also of the specific location.
One bad franchising note is to be wary of the oversell. Most franchisors have refined sales efforts and lots of bells and whistles that give the impression that the franchise is fool-proof. However, you will notice that there are no written guarantees of success. While this is true of everything in the business world, the implication often times in the sales pitch is that your success is all-but-a-sure-thing. Don’t fall prey to hearing only what you want to hear. Objectively review the opportunity being sure the franchisor has a track record of delivering on their promises.
Finally, the ugly about opening a franchise. Without strong contracts protecting clear territories you can easily find yourself in competition with other franchisees in your own company. The goal of the franchisor is to sell and open as many locations as possible. Be certain your territory is protected contractually regardless of sales volume or you could find yourself in this ugly situation. Overall the business model is a proven one with many owners across the nation making money in franchising.
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