Do's & Dont's for Franchisees

DO'S:

•    Do talk to and visit as many franchisees as possible.
•    Do talk to the franchisor and get  know the previous record of the company.
•    Do consult any and all advisors that you feel can be helpful to you, including a   consultant.
•    Do ask any and all the questions you can.
•    Do take your time. Be very thorough in your investigation.
•    Do comparative analysis of other franchises in the same and other businesses.
•    Do understand the sales literature. Know  the terms of your   agreement.
•    Do give yourself plenty of room to manoeuvre financially. Plan for more expense   and              slower profitability than you think you need.
•    Do be thorough; be conservative; be informed.
•    RESEARCH, RESEARCH, RESEARCH. The more you know, the better your   decision is          likely to be. Remember, only you can determine if any    franchise is   right for you.

DON'TS:

•    Don't hurry. Short-cutting your research can increase your likelihood of failure.
•    Don't over-extend, or be optimistic about your personal finances. Be realistic,   conservative.
•    Don't skip consulting professionals. Saving on fees may deprive you of   information critical    to
     making a good decision.
•    Don't be in a hurry to settle things. Get the business that you want, not the first   one that           comes along.
•    Don't take anyone's word. It's your money, your risk and your opportunity. You   know best        what you need, so investigate first hand.