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Summing up the Steps to Success in Franchise Ownership

00000181-7b54-d6a8-a1e5-7b755c5c0000 1. Understand how franchising works!

2. Know what your own financial situation and objectives are to determine if franchise ownership is a workable option for you.

3. Examine your own motives, temperament, lifestyle preferences, health, family obligations, likes and dislikes to be sure you are realistic about undertaking a particular type of business.

4. Look for franchises that match your requirements and preferences, and then compare several similar opportunities to narrow down your choices. Talk with other franchisees to get a hands-on practical viewpoint on the pros and cons of the business.

5. Establish a business relationship with an accountant to review your finances, and a solicitor to review the legal obligations involved in franchising.

00000181-7b54-d6a8-a1e5-7b755c5d0000 6. Find an appropriate location based on your target market, the competition and capability to meet any site requirements.

7. Do the research on the industry, the market segment and competition in your specific area.

8. Write a credible business plan to present to the franchisor and potential financial lenders.

9. Carefully review the Franchise Agreement with your accountant and solicitor. Make sure you understand all the terms, and see if any of the terms can be altered and made more favourable for you as the franchisee.

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