3. HOW TO BUY A FRANCHISE

A There are some pit falls involved in buying a franchise, some might say that there are more than if you owned your own business, but it is all relative if you are weighing up initial outlay of cash, sharing of risk and responsibility and tried and tested products and methods. Here is a check list to start you off on the right road to buying a franchise.

• Do not get drawn in to a fast sale by a smooth talking franchise seller who emails and calls you relentlessly to ask for your signed order of agreement.

• Don’t take any ones word for anything.

• Do not pay any deposits unless they are one hundred percent refundable and your legal advisor has seen the document before you sign it.

• Don’t sign any agreement without allowing your legal advisor the time to look over any contracts and agreements when buying a franchise.

• Do remember that success is not guaranteed. There is always a risk.

• Do look at al the possibilities out there before making a choice which will commit you.

• Don’t spend a lot of time investigating a franchise opportunity that your bank will not loan you the money for, if you need them, find out before spending your energy on something that won’t be going anywhere.

• Don’t ignore good advice.

A There are several subjects under the subject of how to buy a franchise that you should be looking at in order to make an informed decision. Here are a few points that are absolutely essential, and taking these first essential first moves may save you a lot of time, and possibly money as well.

• Do make your own assessments of any franchise opportunities that you see and keep your notes in an organised place with lists of further questions on the front of the pile titled how to buy a franchise.

• Do take your time, this is a life changing decision you are making! It’s your life so don’t let anyone rush you in making decisions about it.

• Do write out a short list of franchises that look as though they might suit you and talk to franchisees of each of them to find out what their experience has been. It’s worth talking to three from each company.

• Do find out how long the company has been trading and how many successful franchisees they already have.

• Do find out the degree of support you will be offered.

• Do ask other people what type of franchise they see you in.

• Take time to consider all the legal implications.

• Remember legal documents are not an easy read, so expect them to involve some worth while work.

• Do market research in to the competition and the business. Don’t take any ones word for anything.

• Keep your eye on relevant articles on the front page of the Franchises For Sale Guide which will keep you informed of up to date changes in legislation which may benefit you when searching to buy a franchise.