When you begin to investigate the possibility of purchasing a franchise to operate in Georgia, you will likely receive offers and advice from many different sources, including those who want to sell you franchise interests that sound too good to be true. Before you jump into a decision that may cost you a fortune and place your financial well-being at risk, it is wise to take your time and learn as much as you can about the franchise you are planning to invest in.
Most people think of fast food restaurants when they think about a franchise. The fact is that there are countless franchise opportunities in a variety of industries, including health and fitness, pet care, house cleaning, real estate, and financial services, to name a few. Many franchises even allow owners to work from home. However, deciding on the product or service you want to offer is only one piece of the puzzle.
Setting the standard
Naturally, you want an investment that is affordable and that will feed your passion. Nothing is worse than going to work each day to a job that has worn thin and no longer excites you. One way to increase the chances that you will choose a franchise that will satisfy you for the long haul is to take some time to really think about your personal desires and values. The following questions may help you narrow down your franchising choices:
- What are the standards or principles you will not compromise, and does the franchise embody those values?
- To whom does the franchise market its business, and do you identify with those who represents the image of the brand, such as a celebrity?
- How does the franchise select its franchisees? Are there high standards for partnership?
- How many successful franchises are in operation for the company? Does the franchise have a positive reputation?
- Will the franchise help you increase your profits, or does the company merely benefit from selling supplies and products to its franchisees?
One way to get an inside look at a franchise is to contact other franchisees. However, instead of asking if they are happy in the franchise, find out the practical ways the company supports and encourages them. Ask how much money they had to spend at the start and how quickly they turned a profit. Don’t be shy about finding out whether their experience in the franchise has met their expectations. Finally, before you sign any franchise agreement, read and study all the documents to avoid any unpleasant surprises.
