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Diciembre 23, 2011

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How to buy or start a business under the franchise format

There is always a contract supporting a franchise

First, we have to say that although the spirit of the franchise – and this is crucial – is based on mutual trust, collaboration and complementarity between the franchisor (who owns the brand and the know-how) and the franchisee who brings his/her entrepreneur spirit – and his/her money – it is a contract, basically a consent by the franchisee.

Companies that offer their brand on the franchise mode, already have a contract form which establishes the terms of the business relationship, so that the franchisee can only do some minor changes to it

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Steps to be met to purchase a franchise

  1. At the personal level

    • You must be able to establish whether or not your franchise venture is what you really want and if you are entirely convinced about it. Remember that joining a company as a franchisee, allows your business to be protected “under an umbrella" that will allow it to be predictable, in the sense that your function and effort will allow you to follow the business model for which you will be trained and which, in the vast majority of franchises, is successfully proven over time. Your spontaneity in business and your creativity will be subordinate to the comprehensive general plan. That is, you must have the temperament to face new challenges, but moderating your innovative momentum.

    • From your decision that this is the format in which you feel able to act with ease and naturalness, should assess yourself in regards to your abilities and tastes to be able to choose an activity in an industry you can adapt to.

    • Then, depending on your acquired skills, you must analyze the type of business on your own, or (recommended), consult the professionals who can guide you based on your skills and personal conditions by suggesting the most suitable franchise for you. This includes the level of investment, lifestyle and characteristics you will be subject to, as well as the legal and labor conditions of the franchise agreement.

  2. At the general level of the procedure

After selecting the industry and potential companies, you must recognize the conditions and relative positions between them. To that end, you should contact some of them, and it is important to have the opinion of experts to know the implications of certain conditions that dominate the market in general because they know the marked and the performance of the companies, especially the most popular in the world of franchising. They can guide you in regards to the most appropriate funding (usually necessary), fees and conditions. For example, there are many companies are actively involved in site selection and which know about real estate procedures. Others simply approve or not a particular location.

As in every business, every aspect usually has pros and cons, depending on each particular case.

Find the best business opportunities and franchises for Hispanics in the United States

Categoría: General: Franquicias Generales

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