Franchise Resources
I've blogged before (see below) about the decision to become a franchisee and what to look for in the disclosure documents the law requires be given to prospective franchisees. However, I've noticed that there seems to be lots and lots of information out in the blogosphere and perhaps the bigger challenge is to figure out which information might be most useful. Let me try to help.
>>>> Just as a cautionary note, you may wish to consider this recent Wall Street Journal article announcing that "Defaults by Franchisees Soar as the Recession Deepens".
For those still on the fence I ran across this article by Rick Bisio entitled "Franchise Ambush: Don't be Misguided by Advice from Others" in which he divides all the well-meaning advice you might be getting into 3 types:
- Advice that Helps - information gathered from actual franchisees and from professional advisors such as accountants and lawyers
- Advice that Disorients - perhaps your Great Aunt Edna or buddy who works for the post office
- Advice that Matters - Your spouse
The article also provides answers to some common questions you or others might ask about the decision to become a franchisee:
- Don't most small businesses fail?
- Why don't you just change jobs?
- Maybe you should think about it some more,
- What if you fail?
>>>>>>>>>>>
If you've definitely decided to become somebody's franchisee, here's some resources that may be helpful in making a decision about which franchise is right for you:
- The Wall Street Journal recently published an article entitled "Blogs Provide Insight to Would-Be Franchisees" which contained links to useful blogs and descriptions about their content.
- Blue Mau Mau blog's tagline is "sharing franchise news, to prosper and amuse" and it delivers. Great place to get information and recent news about specific franchises.
- The Franchise King Blog authored by Joel Libava promises "Franchise information, Franchise Trends, Tips, Traps, and truths, Tirelessly Delivered to the Kingdom" provides both information on specific franchises, particularly those active in Northeast Ohio, as well as more general information about franchise ownership.
- Business Exchange's Franchising topic contains current information of all sorts about franchsing and specific franchises and is associated with the Businessweek print magazine.
- Franchise Times is a monthly publication with an on-line presence and calls itself "the news and information source for franchising",
- The Educated Franchisee website of Rick Bisio provides many useful general resources about becoming a franchisee.
- Franchise Direct blog has frequent posts containing news and information of interest to prospective franchisees.
- Make sure you understand the "10 Things Invesors Should Know About Buying a Franchise".
- Be aware of "The Top Franchise Trends for 2009."
- Franchise Dimension provides lots of general information about owning a freanchise, as well as information about a number of specific franchises and the opportunity to request more detailed information.
PREVIOUS POSTS ON FRANCHISING
What a Franchise Disclosure Document (FDD) Tells You About the Franchisor and the Franchise
