What makes a good franchise?

FranchiseBriefFranchiseBrief Posts: 2subscriber
edited June 2007 in Selecting a Business
What makes a good franchise? It`s a very difficult question to answer because every one is looking for something different in business. It`s like asking: "what makes a good husband/wife/child?". Depending on your expectations, you will give different answers.
However, I believe there are 3 key points that make a good franchise:
1/ The brand. It is probably the main reason why people will buy one franchise over another. Would you rather buy a McDonald`s.
2/ The support. To me, the pre opening and ongoing support are the most important things in a franchise. Yes you buy a franchise because you like the product and the brand but without any training, financing assistance, real estate location assistance and ongoing product development and support, you wouldn`t go to far by yourself... It`s really hard for a potential franchise buyer to know more about what type of support the franchisor offers even though the UFOC is supposed to describe it. I would recommend talking to as many current and past franchisees as you can. Ask questions, remember, there are no stupid question, only stupid answers...
3/ The franchisor`s experience. The length the franchisor has been in business is a very good indicator whether the franchise is a good one or not. If the franchisor has been in business for 20 years, he`s obviously doing something right....

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