NEWSLINE BIZBEAT SME PROFILE DeNNIs ChAN LeADeRs IN ...

With the wide array of franchise
opportunities available in the
market, it can be confusing to find
one that is right for you. Those
who are not thorough in their
search can easily fall victim to
unscrupulous conmen out to make
a fast buck. Of course, majority are
legitimate enterprises that could
be your ticket to success. Here are
some tips to guide you in choosing
a franchise.
BEFORE YOU BEGIN
Take time to carefully evaluate
yourself before you even consider
franchising. Know your goals and
what type of business you prefer
so you can determine if a franchise
opportunity has the components
you want. It is important that you
have a clear picture of what the
future will be like for you as a
business owner.
GO WITH SOMETHING YOU KNOW AND LIKE
Remember, this business is
something you are going to commit
to, spend money on and do on a
daily basis. Take stock of your
interests, hobbies, passions, as
this is a good way to know what
you will enjoy doing. Corny as it
sounds, there is truth to the saying
“Do what you love and you won’t
have to work a day in your life.”
KNOW YOUR BUDGET
Compare how much you have and
how much it would require putting
up your dream business. Pick
a venture that would still leave
you with a decent bank balance.
Surprisingly, there are a lot of
promising ventures you can get
into with just P500,000.
KNOW YOURSELF
Consider your strengths and
weaknesses and how these will
affect your potential franchise.
Does your body clock coincide with
the store hours? Are you willing
to be on call at any time? How are
your problem solving skills? How
patient are you? Also, clarify your
goals for getting into business. Is
it for the money, prestige or the
experience? What are you willing
to do to achieve your goals? How
long are you willing to wait?
Answering these questions can
help you streamline your choices
and simplify your task.
INVESTIGATE
Get to know the company. Learn
all you can about your prospective
business by calling the company,
visiting their website and meeting
with them. Know how long the
company has been in franchising
and how many branches they have
to get an idea of your chance for
prime locations and rate of return.
MEET THE FRANCHISER
Aside from meeting with franchise
personnel of the company, be sure
to get to know those people you will
be working most closely with as you
build your business. The president
of the company is most likely an
impressive person, but he’s not the
one who will be answering your
call when you have a problem.
Find out who will be providing the
operational support and training
directly to you and form an opinion
about their competence. Make sure
that any remaining questions or
issues you may have are addressed
at this meeting.
TALK TO FRANCHISEES
The most valuable source of
information on any franchise
system is the existing franchisees.
The truth is, the prevailing attitude
and concerns of the existing
franchisees will almost certainly
be your attitude and concerns if
you decide to become a franchisee.
Visit a sufficient number of the
existing franchisees to ensure
you have a sense of the prevailing
attitudes of the group.
While you want to note that
© Jooooooooo | Dreamstime.com
majority of franchisees are happy
and supportive of the franchiser,
it would also be a plus to talk to
an unhappy franchisee during
your investigation. Listen to the
complaints but also try to determine
what makes this franchisee
unhappy. If you find you can identify
yourself with the positive ones and
feel that the negative franchisee is
not at all like you, then you should
be fine. However, if you find that
you are more like the person who
is unhappy, this is probably not the
right franchise for you.
CONSULT EXPERTS
If you are new to franchising, don’t
attempt to go through it by yourself.
Even with your business acumen,
there are bound to be a few things
you might overlook which may
cost you in the long run. There are
people who can guide you through
the franchising process and help
you review and discuss unfamiliar
topics or material.
MAKE YOUR DECISION
Now that you’ve finished your
investigation and have all the
information you need, it is time to
determine if this franchise is right
for you. It either is or isn’t, and you’ll
know which it is. In either case, it is
time to make a decision and move
on. If this company has everything
you wanted, go for it. If it doesn’t,
eliminate it and go to the next one.
Don’t settle for anything less.
Butz Bartolome’s recent book “IS FRANCHISING
FOR YOU?” presents a step-by-step guide. The
176-page hard copy may be purchased at www.
franmarketing.multiply.com. It is also available on
kindle e-book format and can be downloaded in
your tablet via amazon.com.
7