Business fitness will ensure success

Before buying a franchise check whether you are suited to this type of business.

Before buying a franchise check whether you are suited to this type of business.

A franchise guarantees success but commitment and dedication will determine your success or failure.

A franchise is not a business for rebels. You will have to conform to many set practices and will have to abide by the organisation's laws and system.

You don't own the business and will just be using its trademark. Failure to conform could end the contract or lead to non-renewal. So if you cannot conform to rules, forget about a franchise.

The franchisor grants you permission to trade under his business name and you must respect that by complying with set systems and standards.

You will be expected to pay a lump sum to buy a franchise, but you will also pay royalties during your tenure. You will have to make the business profitable to be able to pay these costs. That means you will have to share your profit with the franchisor.

You will be dealing with people so you should be able to communicate with staff and customers.

Buying into a franchise does not guarantee you success. You will have to work hard. Being your own boss does not mean you can loaf around.

You must set goals for yourself and must have something you want to achieve by buying into your chosen franchise.

You will be expected to act in the best interest of the franchisor and other franchisees. If you fail, the franchise might not be renewed. So think hard before jumping into commitments.

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