Business owners, particularly small businessmen look towards franchise a sure shot way to success. Right and wrong. Franchise is certainly a passport to success, however rate of success depends on many factors other than the franchiser’s products. Before you decide on franchise for a new product, consider the following –
1. Have a feel of your friends, relatives and colleagues before signing on the dotted line. Ideal way to talk to them will be about the acceptance of the product in the market, and not how to make it successful.
2. Talk to other businessmen in the same product franchise and get to know first hand from them about their experience about the overall marketing efforts.
3. Talk to other businessmen in other product franchise and get their word about the success of their products.
4. Get all the financial documents scanned by a certified auditor. Get an inside out feel of the financials.