Buying A franchise – Part 1 – What are you REALLY buying?
March 25th, 2010 | by admin |Ask most of those who are interested in buying a franchise what they are really buying and you will get a variety of answers.
Some will say they are considering a franchise because It is “proven” –
As we show in some of the posts under franchise failure that is just an assumption. Indeed for first time buyers of a franchise the facts do not support much of the industry rhetoric – indeed evidence we present here shows it is on average a less safe way to start out in business. Yes you heard me right. Scientific investigation says a franchise is not safer for a new starter. We will deal with that elsewhere.
Some will say they are buying “training”.
Training is clearly not enough.
Sure many people come to franchising because of lack of experience , so it is training and support they are buying. But all your competitors in that market already have the training, so by itself it is not enough.
A lot of the franchisors will say “in business for yourself, not by yourself” – It sounds good at first sight but there is a good case for the reverse of that!! – you are in business by yourself, and you cannot expect the franchise to bail you out of a difficult situation. You are certainly in business “for the franchise”
So what do we think you SHOULD consider the reason for buying a franchise.
And there is ONE very compelling reason. All of the others boil down to this.
The answer is simple and far reaching. It is both simple and profound – and the benchmark to measure every franchise.
See BELOW…
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