A lot goes into a franchisee. Time, energy and most important of all, your hard earned money. So, it is only sensible to know all the aspects and then come to a decision.
We have across people making terrible mistakes and then regretting it for a long time. We don’t want you to struggle like them and hence today we have brought for you some mistakes that you must avoid before buying a franchisee.
1. Not reading the financials of the company
It is next to a sin to avoid this point. You must know how the company is performing on paper. What are the expenses, the losses, the revenue structure and how well are the other franchisees doing. You must not invest in a franchisee before going through the past few years financial statements.
2. Hire a proper consultant
Franchisezing comes with a lot of experience and is currently placed amongst the top consultants in India. If you chose us, you are definitely in good hands. If you go with someone else, make sure that they have been doing the business for some time and know what exactly are they doing. They must be efficient enough to connect you with the best franchise option in the market at the best cost.
3. Not looking the market
Have you sometimes spotted a big brand shop in the middle of nowhere on a highway without any cars parked around? Well, this is what happens when you don’t choose the area where you want to do business depending upon the market demand. Always do market analysis and start the business in an area where maximum customers can be targeted.
4. Ignoring your own finances
Consider your budget properly. You must know from where you will take the loan, by when you want to pay it back and other minute details about your own budget. Right from the beginning, pen down every little expense that you make in the business. This way, you’ll know things better
5. Don’t get swayed away by the charm of Franchisors
A franchisor may charm you with short-term gifts and offers in the beginning. Don’t get affected by it. Make a choice with a neutral mind. The business doesn’t last a few days, you want it to last a lifetime. Think about the future and then make a decision.
Well, believe us or not, avoiding these small mistakes will take you a long way. If you need any help or if you have any query, call us and we will help you to the best of our ability. We can be reached at 97178-99655. You can also email us at info@franchisezing.com for any question.