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“An essential part of the Franchise success, no matter
the kind of Franchise – traditional or a more niche one,
is the abi...
Self Evaluation in terms of finance, time and other personal circumstances
such as family support is utmost necessary. Car...
Post this, considering the factors in choosing a product or service that
individual is more passionate about or is most in...
„With global franchise scenario evolving, the world is truly your Oyster‟.
There are many franchise options available in v...
Corporate Headquarters
#15,Sri Lakshmi Complex, 4th Floor, St. Marks Road, Bangalore - 560 001. India
Tel: 91 80 6160 4545...
How to choose a Franchise?
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How to choose a Franchise?

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It is very critical to understand how to choose a Franchise. Critical analyses of the three major components could help in choosing a right franchise most suitable for an individual.

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  • So glad you touched on the fact that there are so many fraudulent franchises out there. Most people know they should review the documents, but don't know what to look for in those documents. It's definitely worth seeking out an attorney with franchise experience to review everything first.
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Transcript of "How to choose a Franchise?"

  1. 1. “An essential part of the Franchise success, no matter the kind of Franchise – traditional or a more niche one, is the ability of a franchisee to understand the market and have fine business acumen”. „Franchise business is no rocket science!‟ Yes, but it takes same amount of commitment and zeal as starting any other business - as you are deciding to be an entrepreneur. Operating a franchise would need determination, will and continued efforts over the years for achieving great success. Hence ensuring to choose not the best franchise but the one that suits you best is crucial.
  2. 2. Self Evaluation in terms of finance, time and other personal circumstances such as family support is utmost necessary. Carefully analysing and identifying the influencing factors helps in determining the ability to choose a franchise that is most suitable to an individual. Further it also helps in identifying the factors that could possibly prevent one from running successful business and thus take necessary steps to resolve issues. Financial capacitates, access to loan facility and creating an asset portfolio could also help in determining the range of investment that one could bank on.
  3. 3. Post this, considering the factors in choosing a product or service that individual is more passionate about or is most interested in could be determined. It is always better to have more than one option. The factors could be then weighed to see if you have potential to start a business of a chosen product or service. If yes you could go ahead, if not you could simply put in more efforts to increase your potential. Once critical self evaluation is completed and you are determined to invest in a franchise, it is important to research the market. Market research has to start with an extensive need analysis. If the need for the product exists it is important to study the demand and supply. Many suggest, in the field of franchise, not to invest in a product or service which are overly crowded. Ensure there is not too much competition. The market for any product today is volatile hence to check on overall product behaviour in the market is crucial. Once need for the product is established and favourable market is identified you could step ahead to - choosing the franchise.
  4. 4. „With global franchise scenario evolving, the world is truly your Oyster‟. There are many franchise options available in various industries in all sizes and prices. However, there are many fraudulent or deceiving franchises as well that have come into light in the fast. Therefore it is essential to create a check list to evaluate a franchise while selecting franchises. Post consideration of cost and other criteria‟s related to market, create a list of alternatives that you could choose from. Once the finalised list is ready then ensure that you evaluate the franchises by talking to franchisees, checking its authenticity, its past records, its proven success, its ideology, vision and mission or you could read this article for the checklist. One could also seek professional advice before choosing the franchise to do business with.
  5. 5. Corporate Headquarters #15,Sri Lakshmi Complex, 4th Floor, St. Marks Road, Bangalore - 560 001. India Tel: 91 80 6160 4545 e-mail: franchise@iihttechnologies.com web: www.iihttechnologies.com/
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