David covers the basics of what is involved in buying a franchise. David explains the difference between starting a business and buying a franchise. The advantages of both, and which would work for you depends on a variety of factors as you weigh the two options.
The Franchisor’s role in this process is key to your success and helps you avoid alot of mistakes by having already perfected alot of the systems a business needs to succeed.
The #1 benefit is the reduction of your risk, and the Franchisor will share with you points of difference to reduce the overall risk.
The key differentiator is buying into a systematic turnkey operation that the franchisor has already developed – which is a key to branding.
Another advantage is the back office assistance. From back office software, training, marketing and collective buying power. One of the biggest advantages is collaboration with other franchisees.
There are a few cons to buying a franchise, the biggest could be your personality style and entrepreneurial control needs.
BONUS Question from the FranBox Mailbox
What is the one thing you would recommend, above all, to do before investing in a franchise?
Send your questions for the FranBox Mailbox.
David Stein – Franchise Investing Insider
Laurean Callander – FranVesting Producer