Investing in a business franchise is a huge career move, a move in the wrong direction could be detrimental to your financial success. Avoid a franchise disaster by conducting research before making your decision, and by eventually choosing a franchise that offers you the most financial security in any economic environment, with multiple income opportunities. Read on to uncover the top tips for avoiding potential franchise disasters in order to maximise investment success and eradicate the risk of failure.
Avoid Unproven Franchise Schemes
To reduce your risk of failure, avoid buying into a franchise which does not have a solid track record. You can measure the potential success of a franchise through their record of positive turnover, as well as their global scale, among other factors. The main advantage of buying a franchise, as opposed to starting your own business, is to minimise risk. It is, therefore, crucial to choose a franchise which has a solid track record of success.
#FranchiseTip. Market research on the business that you are considering should include industry trends. Is the sector growing or not?
— NIC Franchise (@NIC_Franchise) 10 October 2014
Choose a Franchise in a Growth Industry
The industry of the franchise you choose is of utmost importance. It is crucial to choose a franchise which forms part of a growing, stable, or emerging industry. By buying into the correct industry, you will ensure success in any economic environment. An example of a growth industry would be the credit providing industry. This can be a pawnbroking franchise or any other cash loan business opportunities. These industries continue to thrive, even during a recession.
#FranchiseTip – For a more independent assessment of any franchise, ask existing franchisees what their experience of the franchise is like
— FranchiseExpo (@FranchiseExpoUK) 2 April 2015
Determine whether you fit the Profile
It is important to not only base your decision on common factors alone, but you will also need to find a franchise opportunity that will suit you so that you can successfully manage your new business. A franchise is a long-term commitment, therefore, along with your financial investment, you will also need to be hands-on, fully committed and passionate. Research the values of your potential franchise and decide whether you can fully commit to these in the long term.
Take Training Seriously
Once you have made your decision to invest in a well-known franchise, your franchise will provide you with all the start-up knowledge and training you need. It is fundamental to the starting and ongoing success of your franchise to take all the training that is provided to you and your staff seriously. No one knows how to run the franchise better than the experts themselves, so be sure to fully emerge yourself in the training in order for your business franchise to successfully emerge.
Talking to other franchisees is the best way to find out about the day-to-day realities of running your chosen business #franchisetip
— sellingafranchise (@Sellafranchise) 19 January 2017
Looking to Buy a New Franchise in your Area?
If you’re looking to buy a franchise that not only has a proven track record, but also multiple revenues, look at starting a new Cash Converters franchise. This successful franchise has three income opportunities, as a pawnbroking franchise with cash loan business opportunities, as well as being a well-known second-hand goods retailer. Check out the available sites by the province which have been identified as prime locations for a new Cash Converters franchise, or contact them for further information.