Illinois Franchise Comparison Worksheet
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How to fill out Franchise Comparison Worksheet?
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FAQ
Here are seven things to look for when evaluating a franchise's success. Revenue. The most direct way to measure the success of any business is to look at its revenue. ... Unit Growth. Unit growth can be a measure of success. ... Strong Support. ... Brand Awareness. ... Industry Growth. ... Low Employee Turnover. ... Satisfied Franchisees.
Buying A Franchise: 5 Essential Steps To Take Before Investing Identify Your Passion And Long-Term Goals. ... Calculate Your Investment Level And Future Profitability. ... Speak With Franchisees And Assess The Franchise Disclosure Document. ... Get To Know The Franchisor.
How to spot a strong franchise opportunity Low to nonexistent competition in the area. ... Thorough and strong data. ... There's no hard sell. ... The franchise has a steady growth or low churn rate. ... A franchise that will survive recessions. ... You are certain you'll love the work.
How to Select a Franchise Know the total financial requirements. ... Do not invest in franchises based on fads. ... Check the integrity and competence of the management. ... Be wary of those who use pressure tactics. ... Check if the franchisor is affiliated with a reputable franchising organization.
Signs of a great franchise opportunity Industry growth. What is the growth potential of the industry you're considering? ... Unit growth. ... Strong support from the franchisor. ... Good management. ... Marketing and advertising support. ... Satisfied franchisees. ... Adequate earnings. ... Sound financial statements.
What to consider when evaluating a franchise opportunity The market. Has a defined market been determined? ... Company history. ... Financial statements. ... Level of investment. ... Training and support. ... Territory. ... Royalties. ... Restrictions.
Factors to Consider When Choosing a Franchise Include: The franchise should have a good sales record. ... The marketability of your product or service is key. ... Look into the competition in your area. ... Invest in a franchise that has a lot of repeat business. ... Be passionate about the franchise.
I always recommend that people considering becoming a franchisee visit a number of the franchisor's locations in different areas to observe a variety of operators, if possible. Key things to look for include how well they run, how consistent the brand is, if there is good customer service and if the stores are busy.
Factors like revenue streams need to be included to determine how much a franchise takes in. As a rule of thumb, franchising advisors suggest that after the second full year of business, a franchise should have an ROI of about 15%-20%. However, some franchises have a much higher ROI, like consulting.
These may include factors such as initial investment, ongoing fees, royalty rates, territory size, brand recognition, training and support, customer demand, growth potential, profitability, and exit options. You can use these criteria to create a checklist or a scorecard to evaluate each franchise opportunity.
