Question: Does anyone have any experiance in owning a frachise?? I am looking into buying a franchise. I have a meeting with the corporate person this week. Are there any specific topics I should bring up in the meeting or are there any pitfalls I should consider before signing on the dotted line?? Thank You in advance!!!

Answer: I have worked for a franchisee and also a franchisor.  I now own my own company and we franchise our operation very successfully - so I'm fairly qualified to answer this one.  First you have to know that buying a franchise is not a guarantee of success.  However there are many aspects of franchised operations that will help you.  You want to ask at least the following:\n1. How long have they been franchising?\n2. What is the success rate of franchisees?\n3. Can you talk to a couple of differrent franchise owners to learn their experience and get some tips on setting up (this is not something they should have ANY problems with at all).\n4. In the case of faile d franchisees, what were the causes of failure? (Keep in mind that many businesses do ofail in start up - it's not necessarily a comment on the competence of the franchisee or franchisor).\n5. In the specific market you're in, are there any tips other franchisees would share with you.\n\nYou want to get to a position where you are talking to other franchisees as soon as you can - to see how well or otherwise they are doing.  \n\nYou don't want to be too suprised at the fees.  You have to be sure that your business can support those fees.  That comes down to accurately asssessing the business in your feasability study.  You'll also find that the franchisor can probably supply you with a business plan - as others will have needed one.  I've provided one to help each franchisee since I started.  They will put their own spin on some elements, but the basis largely the same.  Ask if he has a copy of a successful business plan.\n\nA franchise is really a type of business partnership. In fact, for me, past franchisees have subsequently become partners in the franchise companies - because they become so knowledgable baout what the business is trying to do.\n\nIt will fail, franchise or otherwise, if the market is not there - for whatever service you offer.  Do your research thouroughly.  Then startr putting numbers together to see how viable it really is.  Talk to other people in the same business in other areas and ask if they feel it might work.  Don't be afraid to ask questions.\n\nGood luck,\n\nJFS
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