Franchise Blog

If you have future plans for buying a franchise, there are a few things you must consider and be aware of, if you don’t want to see your business crashing down when it’s just barely getting off the ground.

The franchise is first and foremost an industry. That’s why it’s no surprise that like every industry, it has quite a number of crooks and thieves looking to cheat you out of your hard earned money.

However, while every industry comes complete with its con artists, it also comes with ways to combat them. The first way to avoid being conned is to identify the con artist, of course. There are a couple of simple things to look for by which you can spot a crook and his game a mile away.

When first buying a franchise, you’re likely to come across a listing of all the franchise owners available and listings are usually accompanied by exaggerations of the merits of said owners. Instead of looking at some numbers here and there, save yourself a lot of time and just request to talk to the owners directly to see what they’re really made of.

Let’s say you’ve narrowed it down to about three or four selections. That’s fine but if any of them are not in your region, pick up that phone and do your homework or even go down there and see what their headquarters looks like and how they’re maintaining it.

Additionally, keep in mind is that it’s not a necessarily good idea to target people who are friendly or on good terms with the company. Go for the ones that have had disputes with it instead. See what their stories are about even if they’re not necessarily pleasant and learn from their mistakes.

The Second thing to keep a watch out for is if the company asks you in any way for a non-refundable sum of money. No thinking is required after this incident, just walk away and move on to the next choice on your list. To put it bluntly, a company asking for non-refundable fees of any sort is always trying to con you and you can either heed the advice of those that have been previously conned or try it for yourself. Be warned however, that it isn’t much fun.

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