Small Business Trends

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Small Business Trends

In addition to researching the particular small business franchise you are interested in, you should research general trends about the industry as well. No franchisor is going to tell you that you're buying in at the tail end of the business cycle. Think about what competition might appear or how your business might change with new technology. Is your service something that could be offered over the web? Will it eventually become obsolete? Look at the competition in your industry and find out whether they're introducing related new products or pulling back and heading in some other direction. Is there specialized knowledge required to run this small business franchise? Is your business plan dependent on cheap labor being readily available and what do the labor supply trends look like? Whatever your success is dependent upon, ask yourself what you'll do if it is not available.

   

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