What should I consider before buying a franchise?

1. Ask yourself why you want to own a franchise.
2. Begin the search. Look for opportunities that are in harmony with you and that greatly interests you.
3. Do your own research:
• Have a complete understanding of the business.
• Check on the business experience and track record of the franchisor.
• Check your personal resources – experience in running the business; the hours and personal commitment to run the franchise; and, how much money is to be invested.
• Determine the terms and conditions of the franchise agreement.
• Get information on the franchise by visiting stores and interviewing existing franchisees.
• Check on necessary government and other related permits.
3. Concept – Look into the product or service and discern what makes it stand out among other businesses.
4. Location, location, location – Ask about the territory rights. Make sure that you get a good site selection.