The Top 3 Things to Watch for When Considering Buying a Franchise
First off, what is a franchise? A franchise is a model that allows a franchisee (you) to buy the rights to market and sell goods using the franchisor’s name and brand for a set amount of time. Generally, contracts contain a clause that discusses the renewal of these rights.
A franchise is a safer bet than starting your own business from the ground up. A franchisor is offering a proven business model which has a proven track record for success for those who follow the guide.
Is owning a franchise right for you? We will review the top 3 things to watch out for when considering buying into a franchise system. Read our list to see if you are a good fit to own and run your own franchise business.
What is the cost of investment? Many franchisor’s charge franchise fees in exchange for becoming a franchisee. What do these fees include and how long will it take to earn them back?
- TRACK RECORD
Part of your discovery process when interviewing potential franchisors should include talking with existing franchisees. This gives you an opportunity to hear what others are doing and what their experience with the franchise has been. Ask questions about corporate training and support, just to name a few.
One advantage of buying into a franchise system is the training and support a franchisee receives. You are not starting from scratch and having to figure things out as you go along. This is especially important if you lack the entrepreneurial spirit and have never owned your own business. Learn about the new franchisee training program and on-going support. You should learn everything you need to know to own and operate your business before you leave training. On-going support in and out of the field can be key to your success.
ABOUT TOTALLY NUTZ®
Since 1990, Totally Nutz® has been freshly roasting cinnamon glazed nuts at local sporting events, community events, and shopping areas. Totally Nutz was founded by Matt and Yvette Barker who were looking for a family-friendly business which would allow them to spend more time with their young children. To date, Totally Nutz Franchise now has over 65 franchises located throughout the United States.
Totally Nutz pairs well with sports, shopping, concerts and other event types where people gather to enjoy family, friends and to have a good time. For more information about owning a Totally Nutz franchise, visit https://www.totallynutzfranchise.com
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