When buying a Franchise, do your due diligence.

When buying a franchise, I recommend you get an independent Franchise Feasibility Report.  My Franchise Feasibility Report will review all documentation, financials, agreements, systems & processes and identify any issues and positives with the franchise system.

While buying a franchise is a great way to get into business ownership, you want to know that you are making the right choice, that the Franchise type is of interest to you and that you have the capabilities, funds and willingness to put in enough time to make it successful.

Not all of the above franchise industries will be of interest to you, and some are what we call buying yourself a job. Buying yourself a job is perfectly fine if you are looking to work for yourself and by yourself, but have all the help, guidance and direction that a franchise can provide.

Buying a franchise, just like buying an existing business, has many advantages over starting from scratch.

While the above to most people is fantastic, to others, the idea of having to stick to the franchise system is a bit overwhelming. Some franchisors will allow you the freedom to do your own marketing and introduce your own systems, as long as it doesn’t impact the quality of the franchise and you are following the brand guidelines.

However, buying a franchise can have some negatives as well. (Just like buying an existing business)

Sometimes, buying a franchise that is existing, you also buy the existing perception of it in the marketplace as well. Not all franchises have a good reputation, and this is why due diligence is so important.

We are lucky in New Zealand that we have such a strong franchising culture. The New Zealand government business website also explains tips on what you need to look for when buying a franchise. You can find the link here.