Steps before taking a Franchise in Pakistan
After Each Step you Become Franchise Owner in Pakistan
A person who is serious of taking a franchise must follow few steps.
- Homework/market assessment in advance
Franchise should complete his/her homework before taking a franchise. By mean of doing homework is not only to study abut but also prepare questions that a franchisee should ask before taking . Beyond preparing questions about franchise a should know about the background of a person who sponsored franchise.
- Study about challenges in the industry.
Before investment you should do in depth research and what services franchisor offer other than franchise ownership. Beyond focusing on facilities that franchisor offered a franchisee, you need to understand about expected challenge that can be faced. e.g. consider the Jade Café Outlet. you should know about the consumer demand who crave about continental breakfast .Our consumer taste is changing and health issue lesser the demand of these type of products. These types of issues become a hurdle to invest in its franchise. we know how quickly he/she can resolve this issue and what immediate actions he/she can take to address.
- Receive a copy of Agreement
A franchisee should have a copy of detailed documents before taking a franchise to read the terms and condition. After a review he can put his application for considering it. Before receiving a franchise agreement he is not liable to pay money.
- Analyze franchise financial situation
A franchisee finds a difficulty when it comes to financing a franchise, so it’s a good idea to invest your finances to core the business expenses. A franchisor calculates a franchise expenses for 3 months before giving franchise to a franchisee but a franchisee can face unexpected costs for six months.
- Hire a Professional Consultant
A consultant can tell you the best decision to become an owner before signing legal formalities.
He can assist you better to legally take over franchise ownership after in-depth research.