One of our readers has just asked what the main things you need to consider when buying a franchise and how to buy a franchise?

Franchising as an industry has been with us for many years and continues to grow at a substantial rate in virtually all of the developed world. For entrepreneurs seeking a franchise opportunity they do need to consider some specific questions not only about the business they are thinking of buying but also about their own background and business traits.The most asked question is how to buy a franchise?

Quite often a franchise is not a suitable business vehicle for an entrepreneur – a true entrepreneur is an individual, as we have explored in these blogs many times, that is not only an investor but a business owner, a business inventor, a business innovator and quite often an individual that will change the plan to suit the circumstances day by day.

While those may be great traits for a business owner, they often do not work well in the franchise area where franchisees are expected to follow the company plan. When thinking about buying a business that is franchised individuals should consider how long the brand has been in existence. Longevity is a definite positive element with a franchise because as a buyer you are looking for history and an established and proven track record.

As a new business owner if franchising is your first business venture then you need to drill down into the franchise to make sure that they have both a good geographic coverage and a strong market presence in their particular industry. As a new owner you do not need to be a test case.

Again, we stress that one of the key things is to really know if a franchise is going to work for you as an individual business owner. If you are uncomfortable working within a predetermined system and with predetermined guidelines and expectations then perhaps a franchise is not the best vehicle for you.

There is no doubt that franchising has stood the test of time and continues to grow, that does not however mean that it is right for everybody.