Buyer beware! Don’t select a franchise that’s wrong for you

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If you have followed the steps in the previous podcasts and decided that FRANCHISING is right for you, the next critical step is to find the TYPE OF FRANCHISE that is right for you. And buyer beware! Not just any franchise will be right for you.

In this podcast, Dr. John P. Hayes explains that selecting the wrong franchise can lead to disaster. If you don’t have the skills and expertise to succeed in Franchise A, but you have what is takes to succeed in Franchise B, you want to know that before you invest your money!

When it comes to franchising, it is important to realize that franchising is a way for the franchisor to expand the brand. It’s a way for the franchise to sell more signs or sandwiches or whatever product or service the franchise offers. You are spending your money to help the franchisor expand. And while that may sound like a bad thing, it’s not.

Successful franchisees understand the value of buying into an existing brand and the advantage it gives them. Your decision comes down to this: are you willing to become a spoke in the wheel?

Successful franchisors have spent a lot of time, money and energy creating a spinning wheel that makes money. And anyone that becomes a part of the wheel can make money, too.  Obviously not all franchisors have created wheels that are spinning perfectly; the challenge is to find the ones THAT ARE and then find the ones in which you are a perfect fit.

What you should NOT do is buy a franchise just because you can. You should only buy a franchise because it is right for you.

Categorised in: business opportunity, Buy a Franchise, Franchise Compatibility, Franchise due diligence, Franchise profiling

This post was written by John Hayes