4 basic things you need to know before buying a franchise.

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Buying a franchise
There is wealth of information out there! Use it.

So, you have decided to buy a franchise and that decision must have been influenced by something or someone. It is not surprising that most people develop an interest in buying a franchise when they patronize a local franchise business, or when they have friend or family that are successful franchising.

Now that you want to own a franchise there are some research methods that will add on to influencing your decision on how to buy, where to buy and what type of franchise.

But before you embark on your journey to buying a franchise, you need to fully understand what you are getting involved in and if you are even ready to commit to running the business,  so doing personal research is necessary if you are going to invest your hard earned cash into the business.

Franchise ownership is a life-changing endeavor, so candidates have to ensure that they are doing their homework thoroughly. Here are five of the best ways to research before buying a franchise business –

Buying a franchise
Goggle is your friend!

1. internet

When it comes to online research, Google is your friend! Google has a wealth of information regarding any subject, it is free and it accessible via computer and also via a smart phone. Google is the number one search engine in the world but that is not all.

You tube is another online platform that you could use for your research. There are people on Youtube who may have franchises themselves or professionals when it comes to what to consider when buying a franchise.  There are also franchise development websites such as FBDS Nigeria where there is accessible information about the brands that they work with and even an assessment quiz that qualify candidates on if they are eligible to become franchisees/franchisers. Bear in mind that while the internet is a perfectly good starting point, it shouldn’t be the last place a candidate visits before getting into buying a franchise business.

Franchise development sites are sales sites, meaning the information provided there is likely going to be biased in favor of the brand providing the information, so they can encourage you to get in touch with them. For a decision this important, you’ll want to make sure you’re doing some objective research as well.

Buying a franchise
Face to Face is the way to go when you want to invest in a brand

2. Franchise expos

Organizations like the NAFMB host regular events that focus on match making, conferencing, training events, workshops and seminars on franchising, showcasing hundreds of franchise opportunities and offering candidates the chance to meet face-to-face with the franchisor. They also offer seminars to help aspiring franchise owners get on the path to ownership.

Franchise Expos are great ways for candidates to advance their pursuit of a franchise brand if they already know what they are looking for and are ready to start. They are also good opportunities to learn about what brands are looking to expand in your market, what type of resources are available from franchisors and others in the franchise industry for candidates to utilize and to get a sense of a company’s corporate culture.

Just take note that franchise expos are held for one big reason: to help franchisors sell franchises. Don’t lose sight of the fact that you are in a sales environment and will be meeting with people who want to bring you into their system, so you will likely be presented with lots of very positive information that will need further review.

3. Franchise Consultant

A lot of Nigerians believe that they don’t have to consult with anybody to run a franchise business but this notion is wrong. There is always a perquisite for starting a franchise business is some form of certification or approval to run a franchise   business. Consultants offer a informed knowledge, advice and support such as sourcesfunding, advisory services, group tours to see franchises outside Nigeria just to mention a few.

Franchise professionals at FBDS are committed to increasing the place of franchises in Nigeria. To find out how you can meet with a FBDS professional, Click here.

Buying a franchise
There are many franchise owner in Nigeria. Get friendly with the right one

4. Franchise owners in Nigeria

There is something to be said for the wisdom of that have embarked on a journey before us, this is very important that we seek the council of the council of those that are running a franchise. These franchisees have a lot to say about the pros and cons of running a franchise and there is no research that It is also interesting to note that most franchise owners run their business full time. And there is no research in the world that you can do that surpasses what a franchisee can teach a prospective franchisee.

A franchise is a life long commitment, which has the potential to change your life for the better but you cant go into franchising without knowing what you are getting into.

Contact us today. We are the pioneer franchise consulting company in Nigeria, a supplier member of International Franchise Association (IFA). We are on a mission to making franchising the preferred business venture model in Nigeria, as a strategic means of building sustainable businesses that operate best practices.

You can also reach out to our sister company AFI for more franchise related questions.

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