The franchising model provides a springboard to many would-be entrepreneurs who dream of owning their business; but do not have experience or time needed to take care of myriad aspects of running a small business.
While franchising does provide the needed support and tools for running the business; many people wrongly believe that because they are going in the franchising business they can operate the business without much effort on their part. Nothing could be further from truth. It is imperative that you do your homework before signing the franchise agreement and hand over the check for franchise transfer fee.
We recommend meeting with the representatives, preferably senior leaders, from the franchise at least twice. You should also talk to current and past franchisees to get perspective from the other side. By law, the franchise is required to provide you with the names of franchisees you can contact.
You goals when meeting with the franchise and the franchisee should be to have answer to these questions:
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