As you conduct more and more research into buying a business franchise, you will learn the importance of preliminary research, relying on experts (accountants, attorneys, etc.) and even the value of having an exit strategy from the very beginning. Still, just as there are common traits shared by successful franchisees, there are also common mistakes that can cause perfectly good concepts to go under.
Fortunately, the mistakes that became stumbling blocks for many other franchisees can act as stepping-stones as long as you are willing to learn from them.
1. Buying a business franchise in a bad location
Most entrepreneurs have heard the adage, Location, location, location. Of course, this is common knowledge for good reason. Though location determines success for some business franchises more than others, it should always be taken into consideration before the final decision is made to buy a business franchise.
Retail franchises, for instance, are strategically located. Meanwhile, a successful tax franchise is not as dependent on a good location. This makes perfect sense once shoppers habits are taken into account. Imagine a shopping center or mall at...
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