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Richard Walinsky: What to ask when you're researching a franchise opportunity
Though there are many topics to explore when researching franchise opportunities, years of experience have shown that if you want to make sure a franchise is a good one, you need to get the answers to four key questions:
When you acquire a franchise, what a franchisee is supposed to receive is a proven system for producing predictable results. The bargain they make is that the franchisor will teach them everything they need to do in order to succeed and they'll follow its direction.
How good is the marketing program?
The franchisee needs to know how well the franchisor is set up to provide ongoing support, assistance and training to help you deal with the challenges you'll face.The franshisee should also evaluate the franchisor's ongoing efforts to make its franchisees more successful by maximizing their collective purchasing power.
How strong is the ongoing support?
A good franchise opportunity will provide support both initial and ongoing marketing programs in order to produce those customers. The initial marketing program needs to drive enough trial customers into the business to solidify the primary customer base.
How much money can you make?
A franchisee needs to determine how much money a mature unit makes after operating for a few years. They also need to know how the first year or two looks financially--
"Once you find a company that meets your expectations in all four of these critical areas, make sure you match up well with the people involved. You should like them and feel comfortable about working with them,"said Richard Walinsky.
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