Buying an existing business or franchise may mean that you don't have to start from scratch, but it can still be overwhelming. If you are considering buying a franchise, here are a few questions to help guide you through your decision:
- What financial data can the franchisor provide to assist me in putting together a detailed and relevant business plan?
- What sales turnover and profit should I expect over the first 12 months by following the system?
- What actual data from any existing company-owned or franchised operations can be provided?
- Who founded the business, when, where and why? What is the founder’s involvement in the business today?
- Can the franchisor provide a typical training schedule?
- Does the training include an assessment of my ability to do the tasks required, and if not, how is a franchisee’s competency to operate the franchise determined?
- Can the franchisor provide a typical field support schedule and details of the frequency and nature of support available to franchisees?
- What is the franchisor’s leasing policy? (ie. Who holds the lease if it is to be a site-dependent franchise)?
This is a sample of questions we found at MegaDox.com, to read the full list of questions: 14 Questions to Consider Before Buying a Franchise
Tags: starting a business, buying a business, franchise