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Buying a Franchise - Is it Right for Me?

Save yourself time, effort, and money by finding out if franchising is for you!

Contains a special bonus section for military veterans! Are you considering a franchised business? Find out today if you are a good fit for franchising with this short and easy to read handbook. Cultivated from nearly 30 years in the franchise business - Lonnie has assembled the 10 most common assumptions and mistakes that people make while considering a franchised business.

The Top 10 Mistakes List

  1. Being an Entrepreneur vs. Frantrepreneur
    Franchise systems don’t want their wheel reinvented; they want people who can make the wheel turn faster.
  2. Confusing a franchise with a job
    If you only want to work 8-5, don’t apply for a franchise.
  3. Assuming you can just try it out awhile
    Franchise Agreements typically average 10 years in length, so be prepared for a long-term business.
  4. Not being financially prepared for the investment
    Starting a business takes cold hard cash - be ready for that.
  5. Working in the business – Not on it
    Franchise systems want business builders - not business workers.
  6. Going it alone
    You will be doomed for failure if your spouse or partner does not support your business interests.
  7. Sticking to what you know
    What you’re good at doing today, may not be the best franchise for you.
  8. Having lone wolf syndrome
    Franchising is about consistency and teamwork – you will need to get along with others.
  9. Not sharing your information
    Be prepared to share personal information with a franchise company.
  10. Expecting automatic success
    Franchise systems provide you the tools – you still need to use them and build a business.

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You assume there are no BAD Franchisors out there

#1 Make sure the franchisees are making money and the franchisor makes franchisee profitability a #1 priority.

Number 7 Is Backwards

More people get into trouble in franchising by jumping into a field they know nothing about, than by sticking to what they know. In many cases if they had better industry knowledge, they would have known that what they were buying was structurally weak. Instead they sign & pay first, and THEN find out all the things that are wrong with their deal.

As one of the very few successful long term multi-operators on this forum, I'd say the opposite. Stick to what you know. My spouse had been a General Manager in the same system for years before she bought her first store.