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Disclaimer
A Consumer Guide to Buying a Franchise
- Know How Much You Can Invest
- An exhibitor may tell you how much you can afford to invest or that
you can't afford to pass up this opportunity. Before beginning to
explore investment options, consider the amount you feel comfortable
investing and the maximum amount you can afford.
- Know What Type of Business is Right for You
- An exhibitor may attempt to convince you that an opportunity is
perfect for you. Only you can make that determination. Consider the
industry that interests you before selecting a specific franchise
system. Ask yourself the following questions:
- Have you considered working in that industry before?
- Can you see yourself engaged in that line of work for the next twenty years?
- Do you have the necessary background or skills?
- If the industry does not appeal to you or you are not suited to work
in that industry, do not allow an exhibitor to convince you otherwise.
Spend your time focusing on those industries that offer a more realistic
opportunity.
- Comparison Shop
- Visit several franchise exhibitors engaged in the type of industry
that appeals to you. Listen to the exhibitors' presentations and
discussions with other interested consumers. Get answers to the
following questions:
- How long has the franchisor been in business?
- How many franchised outlets currently exist? Where are
they located?
- How much is the initial franchise fee and any additional start-up costs? Are there any continuing royalty payments? How much?
- What management, technical, and ongoing assistance does the franchisor offer?
- What controls does the franchisor impose?
Exhibitors may offer you prizes, free samples, or free dinners if you attend a promotional meeting later that day or over the next week to discuss the franchise in greater detail. Do not feel compelled to attend. Rather, consider these meetings as one way to acquire more information and to ask additional questions. Be prepared to walk away from any promotion if the franchise does not suit your needs.
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_________________________________ Table of Contents The Benefits and
Responsibilities Before Selecting
a Your Ability to Training
and Support Services Investigating
Franchise Terminations
Training Current and
Former
Source: Federal Trade Commission
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