Contrary to what most people think, your budget should not be the main gauge in choosing a franchise business. Of course, it should be a part of your selection criteria but it shouldn’t be the primary deciding factor.
Instead, what you need to do is take a closer look at yourself. Know where your passion lies. Just follow your heart and it’s almost guaranteed that your franchise business will be a huge success!
Now that you have a concrete idea on what franchise business suits you best, it’s time for some serious research. Get to know the existing franchise opportunities in your chosen niche. Make a list and take a closer look at each one of them. Consider the brand, the business model and the support package being offered.
Choosing the brand. When you go into a franchise agreement, you are buying the name of your chosen product or service. You are banking on it to get an early lead over your competitors. So choose wisely.
Consider the business model. See if your chosen franchise business has a well established business system. Does it conduct its business effectively? If you see that the number of its franchise outlets is significantly increasing, then it means that business is good and it’s probably worth it!
Are there any available support? One good thing about franchise agreements is that the franchisor offers support and guidance to each of its individual franchises before and during operation. It’s really a part of the package – and a vital one, too! Quality control, continuous research and development, and trainings should also be included in the overall package.
You also need to check the legitimacy of the franchise. Head off to the DTI office nearest you and see if your chosen franchise is registered and not some “fly-by-night” operation. You also ask if the franchise is affiliated with any existing legitimate franchise groups such as the Association of Filipino Franchisers, Inc. (AFFI), Filipino International Franchise Association or the Philippine Franchise Association. Remember, it’s always better to be safe than sorry!
Many people want to buy a franchise to start their own business and become their own boss. But they do not have enough knowledge about it, s these information's about how to franchise a business could be really helpful for them.
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