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28. A popular way of getting
started in a new business is to buy into a franchise.
Statistics prove that the success rate of setting
up a new venture in this way has a much greater
chance of success, than going it alone.
29. A franchise is where you
purchase into an existing business, with a business
structure already in place. It will usually
involve a Cash payment up front to buy into
the business idea. After all you are buying
into someone else’s business idea and
experience.
30. This should provide a
business on a tried and tested formula. How
effective this is depends upon the franchisers
business experience.
31. However you must make
extensive enquiries into the strength of the
business being purchased and to the business
support provided to you. It is your responsibility
to ensure you know what you are buying into.
Do not believe everything you are told without
challenging or questioning, talk to other franchisees.
32. It is important to take
professional advice when looking at franchise
purchase, there are some very good ones but
unfortunately there are others that will not
suit you and/or provide the support
you are perhaps looking for, - so be warned.
33.Make sure you understand
all the obligations, e.g. royalties etc.
34. Franchises is a
business option that may be the way you feel
comfortable with, a business structure and strategy
already in place, the initial set up usually
done for you, - but it is your choice and decision.
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