socialmedian: How To Make a Successful Franchise Part 2

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How To Make a Successful Franchise Part 2

Submitted by Motown Terri from blog

Nov 06, 2009

Summary

Author : Payo Hernandez

One thing you absolutely must get right is your market research and preparation before committing to starting your own franchise It's very easy to waste a lot of effort and money on a franchise idea which is doomed to fail

It sounds impressive to say "I own a franchise" but try not to get caught up in your hopes and dreams without the benefit of cold analysis and being utterly realistic It's all to easy to believe what you want instead of what's real

Thorough market research should involve about 6 months to a years work and it's only once that is complete that you should start to move into the actual process of franchising your business

The first franchisee is always the hardest to get This is because your franchise model will have no track record and it'll be harder for people to trust In effect they'll be taking a bigger risk by buying your franchise instead of another which does have a proven track record

In order to make it easer to sign your first franchisee you can offer a reduced initial fee and/or reduced royalty rates This ...Read the full article

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