December 29, 2006, Newsletter Issue #45: Selecting a Business Franchise
Tip of the Week
Selecting the type of business franchise to invest in is something you should do methodically. Some questions to consider are:
• What experiences do you have in the industry?
• What's the demand for the product?
• What competition exists?
• Why is this franchise a good choice?
You should understand the business lifecycles. Investigate any seasonality involved in the business and have plans for alternate sources of income or a means to survive through the slow time.
A large part of what you are purchasing is the name recognition of the business franchise. Make sure you do some research into franchise information, including how long they've been in business, what kind of reputation they have amongst your prospective customers, and whether any complaints have been filed against them.
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