Buying a franchise: what you need to know
Like many people, Sanet and Marius saw owning a franchise as a way to earn some extra cash. “We bought a food truck waffle franchise as a way to make extra money. We were hoping that, over time, we could turn it into a full-time business,” says Sanet.
In the contract agreement, the franchiser took no responsibility for the validity of the numbers they had provided. Furthermore, the contract limited them to a specific area, which included only one market where they could operate. There were simply not enough venues for them to sell their waffles. A good franchise can be a great business, but you need to do your homework and understand the commitment required.
While a good franchiser will be there to support you, you need to have your own team and be self-motivated: “It is not a franchiser’s job to babysit you.”A franchise offers a proven concept and, therefore, reduced capital needs. When the franchisee acquires an outlet, they only invest in their outlet.Accelerated growth due to increased buying power and marketing clout that is formed by the franchise system.Franchisees become brand ambassadors and create a support network among themselves.
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