For instance, a buyer who prefers working alone should go for a small or mobile franchise.
Before opening a new franchise location, business owners must first determine why they want franchisee ownership. This will help them choose a franchise that is better in tune with their lifestyle and skills.
Identify target customers, competitors and local demographics when opting for a new franchise. If the buyer chooses to buy an existing franchise, the business owner can tap into an established customer base and brand awareness.
An existing franchise comes with existing employees. While they may help the new owner with their own experience, they may not always align with the buyer’s business objectives. Visit the location, try to understand why the franchise owner is selling it in the first place and determine future earning potential.
[5 minute read]
