While the success rate of franchise-owned businesses is very high, success is not guaranteed. However, with careful planning, common mistakes and pitfalls can be avoided. The graphic below is a checklist of things you should carefully consider when choosing a franchise package.
Business format franchising allows you to open a recognizable business with a turn-key setup. The franchise operator not only gets the right to use the name and trademarks of an established business; these franchise packages may also include site selection, training, product supply, marketing and financing for the franchise.
No matter what your professional background, there is likely a franchise opportunity that could be a good fit. Almost every type of business offers franchise opportunities.
It is wise to seek the advise of a business adviser, accountant and attorney before entering into any legal franchise agreement. Be sure you know what the full price of starting the franchise is and what it includes. You should also carefully consider the mental, physical and financial requirements of running the franchise before diving in.