What are the criteria to choose the best franchise for you?
Here are five main criteria to get acquainted with before making a final decision on a franchise:
- Company Background: find out how long the brand has been operating, the number of franchised units and how quickly it’s growing. All this information will help you get a clear understanding of the company's experience, efficiency of a franchising model, and whether the franchisees are satisfied with the management.
- Level of Assistance: a good brand offers necessary tools for smooth operation of a franchise. It's important to learn about the organization of the training, and whether it involves programs for franchisees or for their employees, too. It is also essential to learn if a franchisor offers marketing support.
- Openness of a Franchisor: the franchisor provides all the information, including business model, partners’ contacts, FDD.
- Accuracy of Data on the Internet: if the data on the amount of open points differ, or not all of them can be found in open sources, this is already a cause to be wary. Same with the data on investments, lump-sum, royalties, and various information about a franchise costs do not match on the site and in directories.
- Legal Purity: check the legitimacy of a trademark and the date of its registration. It is also essential to check all legal documents and records available in open sources, or inquire a franchisor to present them.
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