Franchise selection checklist:
- First of all, while choosing your life's business, it is important to understand its ideology, values and vocation.
- Determine the daily functionality: what will compound your work? This should be fixated in a writing form and discussed at the very beginning. What to do, if something goes wrong with operating activities?
- Study the advantages of your business and point out the differences from the competitors.
- Studying the business plan is highly important, because one of the main goals is earning money. You need to check: what business calculations are based on (traffic of a particular place, district statistics), whether all payments are included (taxes or rent may not be specified, etc.)
- Communication with the brand owner. You are a part of a team, led by the franchisor to a certain result. It is better to get to know each other personally, learn the stories of failure, and understand the motives for launching a franchise.
- Communication with franchisees, exchange of experience. You may be offered to talk to one franchisee, but it's better to communicate with others too: both those who have recently opened and those who are already working. What to ask? Have the expectations come true, is any help or support provided at launch etc.
- Legal review:
2) check the legal entity
3) check if the trademark is registered to this legal entity
4) terms of retention: if you terminate the contract, what will happen?
8. Explore yourself and your opportunities if you are no longer an entrepreneur. Questions that are useful to ask yourself:
Am I ready for changes?
Am I ready to do what I'm told?
Am I an entrepreneur or a top manager?
What is my financial cushion? How much money do I have in reserve if something goes wrong?
Perhaps, you need to talk to a coach to determine your actual goals.
9.Find your niche: see trends, learn what your city is lacking, interview as many friends as possible about the need for one or another business, analyze the purchasing power.