Some tips for new business starter before putting their money in new franchisee business.
How much you need to invest: Investment is the crucial factor of any franchisee. How much Rupee or dollars you need to invent in business. If you are buying any franchisee fees must be clear. Sometime some business owners or franchisee provider may misguide you about franchisee fees. Check fees structure and any hidden charges in the franchisee. Ask for the installment in franchisee fees that will smooth your business earning because you have no need to pay complete franchisee fees at one instance.
How much capital reserves to cover losses: Business is all time uncertain, so you have to manage business during loss period as well. Your business may be in loss for some time, so you need to keep backup money to run the business. Business loss and profit is a continue process. When you earn profit keep some backup money for loss time.
How much time will require for Business to settle: After buying franchisee many factors arises like whether the business will settle or not. Business settle time should be small for any business. So must buy such franchisee where settlement time is small. If your business taking long time to settle then it’s very difficult go get return of your investment.
How much total investment: business starts with many other expenses other than the Franchisee fees. Just paying franchisee fees you will not become a business owner. With franchisee fees you need good setup and man power. So you need to conclude all the cost requires for your business. Total cost is complete business expenses.
How this business is useful to customers: before buying any franchisee you need to thing about customers. How your business is going to helpful to your customers. If your service and product is not customer focus then your business will not survive. So always start business which is customer beneficial. Franchisee like Dominos, Bata, Ma Donald, John Player and Blackberry are customer service oriented and customers like service.
How much money I can make: after buying franchisee and setup of business, next is profit. How much profit you will earn from the business. If your profit is not good according to your expectation, you may lose focus from your business.
How financially stable the franchise company: if base is not good, how building can be strong. This is basic concept is also applicable to business. So buy franchisee of strong company.