Franchise opportunities are becoming more and more plentiful. But with more opportunities comes added confusion. As a potential franchise owner you need to think through some of the most important factors in order to become business-savvy. Here are some questions that any franchisor should be able to answer.
- What fees or royalties are involved with the start-up and ongoing development of my franchise?
- What are my parameters for individualizing my business?
- Is there a marketing team in place to help me sell my service or product?
- What penalties are involved with any sort of violation of franchise parameters?
- How strong or well-known is this brand?
Make sure your potential franchisor can answer these questions satisfactorily before you agree to go into business with them.