Guides to buying a franchise are fairly common these days, as the internet allows almost anyone to declare themselves a business expert. But when a newspaper as highly-regarded around the world as the New York Times publishes its own guide to purchasing a franchising, it seems like a notable event.
The business section of yesterday’s Gray Lady published ‘A Guide to Assessing Franchise Opportunities’. It’s a level-headed approach to challenges of franchising divided into the following 9 questions:
- Who are you?
- Should you hire experts?
- What is best business opportunity?
- Who is your franchisor?
- What do other franchisees say?
- Can you afford it?
- What are the legal terms?
- Could you do better as an independent?
- Can you negotiate?
Experts from the Blue MauMau website, the Dunkin’ Donuts franchise system, consultants and the author of the ‘Franchising Dreams’ all contribute their own considerable insight to the story .
The Times ask you to deeply consider each of these questions. There are always risks to purchasing a business, but if the process is done meticulously, it’s likely you might the right business for you.