A Franchise Offers An Established product or service
Advantages of franchises
A franchise with an established product or service shows longevity of the brand. In addition, they offer a product or service that has sold successfully. On the other hand, an independent business is based on both an untried idea and operation.
Three factors to help predict the potential success of a franchise
Three factors will help you predict the potential success of a franchise.
- The first is the number of franchises that are in operation. More franchises in operation often indicate that the franchise is doing well and more franchises are coming into the system.
- The second predictor is how long the franchisor and its have been in operation. The longer a franchise has been operation, indicates a strong brand that has been improved upon over time. Has stood the test of time.
- A third factor is the number of franchises that have failed, including those bought back by the franchisor. Franchises that have closed, been transferred back to the franchisor, or sold to other franchisees. If the ratio is high, then, there may be underlying issues that need to be investigated before signing an agreement. If franchisees are staying in the system and renewing after their agreement ends, it is a positive indication that they are happy and successful.
While there are many other components of a franchise system that will need your due diligence, the above three factors should be considered before making your decision.
Contact Trish for more information and to assist you in your search for the perfect franchise fit
Keep following my Blog for more insights into fantastic franchise options. Remember owning a business is about matching your skills with the right business that meets your personal and professional goals. My 6-step process will guide you to the right business for you and get you introduced to opportunities that work for you.
What are you waiting for?
Trish Benedik owner of Select Franchise Consulting will help narrow your options and find the franchise that is the right fit for you saving you time and frustration. Our consultation will help you make an informed decision. There are thousands of options in franchising, find the one that is a good fit for your business and lifestyle goals.
Disclosure: Select Franchise Consulting/Trish Benedik/T A Benedik, LLC does not guarantee the financial performance of any franchise, licensed affiliate, or business opportunity. The decision to purchase a franchise, licensed affiliate, or business opportunity must be based on the buyer’s independent research and analysis. Select Franchise Consulting/Trish Benedik/T A Benedik LLC is not liable for any representation made by a franchisor and/or a franchisors employee, affiliate, or associate with respect to real estate, financial, operations, or marketing performance of the business being acquired.