Ask the experts Ask the R O Z GOLD S TEIN


Founder of Goldstein Legal, a speciality franchising and commercial law firm


u First, check thoroughly whether the figures in the franchisor’s projections add up. It would be wise to speak to other existing franchisees; if the franchisor only allows you to speak to a certain handful, this should immediately ring alarm bells. Also, research your market to establish whether there is already a proven customer demand for your product or service in your chosen territory. You should consider whether your


franchisor already has a proven track record of success. Being realistic, you are taking on much more risk with a new franchise brand than you are with an established one. You should discuss the business opportunity with your business network to get their thoughts and feedback. They may give you a more objective view than close friends or family members. In addition, it is also wise to search the


internet for comments or information about your franchisor. This should reveal whether there are a lot of happy


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EXPERTS


A professional panel answer your questions on all aspects of franchising


Q How do I assess a franchise brand that I’m interested in and whether we’re a good fit?


customers out there or a large number of complaints! Establish whether the franchise plays


to your personal strengths. No matter what franchise you take on, it is likely to involve hard work, and this will never be satisfying unless it is something you are passionate about. Finally, Don’t miss an opportunity


to negotiate. Competition among franchisors to find franchisees is often fierce. If you are one of the franchisor’s first five prospective franchisees, you may have more scope to negotiate on fees than you think! Good luck!


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