News of the week :
| September 9 2010 Sunday, 05 September 2010 Inc. magazine ranked PuroClean No. 1579 on its fourth annual Inc. 5000, an exclusive ranking of the nation's fastest-growing private companies. The list represents the most comprehensive look at the most important segment o... Get more info here ... |
| September 9 2010 Sep 07, 2010 16:24 ET EBITA Increases 70% CALGARY, ALBERTA--(Marketwire - Sept. 7, 2010) - The Forzani Group Ltd. (TSX:FGL) ("FGL" or the "Company"), Canada's largest retailer of sporting goods, today reported fiscal 2011 results for the 13-wee... Get more info here ... |
| September 9 2010 The Forzani Group Ltd./Le Groupe Forzani Ltee Sep 08, 2010 16:45 ET NHL Superstar Sidney Crosby Teams Up With Sport Chek, Sports Experts and Hockey Experts CALGARY, ALBERTA--(Marketwire - Sept. 8, 2010) - Editors Note: There is a photo associ... Get more info here ... |
| September 9 2010 Full-service healthcare staffing agency signs first international area development agreement, calls for 23 locations throughout British Columbia and Alberta GURNEE, IL – After nearly six years of exponential franchise growth in the United States... Get more info here ... |
| September 7 2010 Pizza Pizza Limited Sep 07, 2010 07:00 ET TORONTO, ONTARIO--(Marketwire - Sept. 7, 2010) - Pizza Pizza, an active participant in the communities it serves, has made recipe and portion size changes to the food served in Ontario schools. These ch... Get more info here ... |
| September 7 2010 Vend Rite Introduces the Compact Energy Centre to the Canadian Vending Market After the tremendous success of its Compact Vending Centre and Washroom Valet, Vend Rite Systems (VRS), the leader in compact wall mounted vending is introducing a brand... Get more info here ... |
| September 3 2010 SOURCE: Spicy Pickle Franchising, Inc. Sep 02, 2010 14:23 ET September 2, 2010) - Spicy Pickle Franchising, Inc. (OTCBB: SPKL), fast casual restaurant operator and franchisor of its Spicy Pickle and Bread Garden Urban Café brands, announced tod... Get more info here ... |
| September 2 2010 Sept 1st 2010 Canadian economic accounts Real gross domestic product (GDP) grew by 0.5% in the second quarter, after increasing by 1.4% in the first quarter. Final domestic demand advanced 0.9%, led by business investment in machinery and equipm... Get more info here ... |
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5 Tips for Investigating a New Business Opportunity
The success rate of a typical franchise business opportunity is much higher than the success rate of most start-ups. However, you have to investigate the franchise business opportunity you're considering thoroughly to ensure that it is reputable, financially sound, and suitable for you. Here are 5 tips that will help you determine whether a franchise business opportunity is worth your time.
1. Learn as much as possible about the business opportunity and the company behind it.
Before you invest in a franchise business opportunity, learn as much as possible about it through online research. Visit various blogs and franchise information websites that compare and discuss several franchise opportunities. Furthermore, visit online forums where franchisees share their experiences.
In addition to researching the business opportunity itself, get to know the company behind it. Find out what the company's goals are, their experience level, and how many franchises they have. Moreover, determine whether the company is financially secure and if they offer sufficient support to franchisees.
2. Talk to franchisees.
Talk to franchisees, not the staff of company-owned outlets. Visit a few franchisees in your local area in person, so you can talk with them about their experiences and observe how the franchise operates.
Ask the franchisor to provide you with a list containing the contact information of at least 10 previous purchasers in your area. After speaking with several franchisees about the business opportunity, compare their statements with the information that the franchisor has given you regarding potential earnings, franchisee and franchisor responsibilities, start-up and maintenance costs, etc.
3. Compare different opportunities.
Investing in a business opportunity is no different from investing in any business venture. You have to shop around and compare different opportunities to ensure that the one you ultimately select is a good fit.
4. Seek professional advice and legal counsel.
Unless you're a seasoned businessperson, you're better off hiring a lawyer, accountant, and business advisor to help guide your decisions and go over the terms of the contract. Hire an attorney who specializes in franchise law so he or she will be better equipped to evaluate your franchise package. An accountant can determine the complete costs of purchasing and running the franchise in addition to assessing the profits you can potentially make. It's far better to spend the time and money necessary to help you make the right business decisions in the beginning rather than suffer a major loss down the line as a result of selecting the wrong business opportunity.
5. Examine the attitude that the franchisor has towards you.
When you talk with franchisors about their business opportunity, take the time to examine the attitude they have towards you. Do they seem eager to build a long-term relationship with you, or do they seem like they just want to collect the initial fee and run? Avoid working with a franchisor that seems rushed to get you to sign the contract, and take at least 10 days to review the contract and other required documents. Make sure that the contract's terms mirror what you were told in the initial sales pitch.