Franchising is business. It is the buying and selling of goods and services and, like every business transaction, requires careful thought before the transaction action is completed.Buying a franchise is just the same as buying into any business. The purchase needs to be made in the cold light of day and not on impulse. The most overlooked aspect of franchising and one that is invariably taken for granted is the Intellectual Property owned by the franchisor.
An essential factor of a franchise is its name. This is how franchise products and services are brought, sold and marketed. It is how its customers know the business. Particularly when entering into a new franchise system.
The brand and the exclusivity that it brings to a business will form a large part of the purchase price of the franchise and is one of the most attractive forces to potential customers. A name-brand availability search is therefore essential and should be performed by a professional search service.
Potential franchisees should have a genuine passion for the product/ business that they are interested in – so it is important that when choosing a franchise that it is not chosen because you like the product but with an eye to the bottom line today and in the future. Conversely, a franchise should not be chosen simply because the bottom line looks good.
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