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Is buying a franchise a good idea?

Unlike creating your own business, franchisees pay a royalty and initial fee for the right to operate under a franchisor's established brand and business model. Buying a franchise, therefore, can be an advantageous way to start a business, but you'll typically need a large upfront investment to get off the ground.

What are the rules of franchising?

Important: In franchising, you’re purchasing a license. This license gives you the right to use the franchisor’s proprietary business system. Don’t invest in a franchise, if you don’t intend to use the system. Above all, the franchise system has lots of rules…along with certain procedures you must follow as a franchisee.

How do I start a franchise?

Tip: make sure you’re following the latest trends in franchising. That way, if you spot a trend that makes sense, you may be able to jump on it before someone else in your local area does. 1. Start the franchise exploration process by looking at what the business skills are that you bring to the table. For example, are you great at sales?

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