Franchises exist just about everywhere, and offer many choices. With so many options, it can be hard to narrow your options to a short list of possibilities. The internet is a good place to start your research, as are print directories, trade-shows, business-specific publications, and franchise brokers. Here are a few resources and directories where you can start your initial search:
http://www.irishfranchiseassociation.com
This is the official web site of the Irish Franchise Association.
This directory offers detailed descriptions of franchise opportunities in all types of industries, plus other information resources on franchising.
http://www.irishfranchisemagazine.net
This magazine brings you news and features about Irish franchises. It also has useful advice articles too.
Once you narrow it down to a few choices, you should consider
- Is it a genuine business format franchise vs. a product distributorship?
- Does the franchisor belong to industry associations such as the Irish Franchise Association (IFA)?
- Has the franchised business been proven in practice?
- Is there a strong trademark name or brand?
- If it is a new business, is it just a fad? How has it been tested?
- What is the competition and how do prices of the product and services compare to competitors?
- Are the products patented?
- Will the source of products be guaranteed in the future?
- Does the franchisor disclose financial information upfront?
There are clues that should tip you off as to whether a franchise offering should be avoided. Remember, if it sounds too good to be true, then it probably is a misleading presentation. Other signs that signal questionable businesses are sloppy web sites with obvious grammar and spelling errors. If a website seems like all hype, then it probably is just that. And don’t fall for overly aggressive marketing that bullies the prospective buyer into acting fast without time for careful examination of the business.