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Do Your Homework Before Buying a Franchise
Lots of people talk about starting a business. Many are attracted to the idea of “being their own boss” and the imagined freedom that comes with it. But not everyone has a great idea that’s going to get them on Shark Tank. Buying a restaurant franchise or shipping services store that always seems packed with customers might seem like a no-brainer.
Understand the Different Types of Franchises
As explained by the U.S. Small Business Administration, there are two types of franchises: product/tradename franchising and business format franchising. You need to understand the differences between the two types to determine which, if either, is suitable for you. In product/tradename franchising, the franchisor owns the right to a name or trademark, licensed to the franchisee, who can then sell or distribute the franchisor’s products. A local Ford dealership is an example of a product/tradename franchise. In business format franchising, the franchisor and franchisee have an ongoing relationship involving various services, such as advertising, marketing, or training support. In essence, the franchisor licenses its products and trademarks and empowers its complete business system. McDonald’s is a classic example of a business format franchise.
Think About Your Goals and Strategy
Whichever type of franchising you are considering, understand how that will look day-to-day. Be clear about how much you can afford to invest and how much you can afford to lose. Understand how much control you will want to have over the business and how much you will have.