In the never ending search for objective franchise information I discovered Blue MauMau. The site is a franchisee community designed to share insight, comments and stories about buying and running a franchise.
A few of recent blog entries worth reading are:
- 9 Riskiest Franchise Industries;
- Can You Profit as a Franchise Pioneer;
- A Franchisee’s Warning About Owning a Business.
If you are considering a franchise it is important to research and conduct due diligence about the franchise system. The notion that franchised businesses cannot fail is false. Not everyone is cut out for owning their own business and not everyone is cut out for franchising. Here are two suggestions if you are considering a franchise:
- Talk with as many franchisees as possible in your due diligence. Ask probing questions to get an accurate picture of the franchise and the prospects for success. You will learn both from the positive and negative comments.
- Consider working in the franchise system for six months to a year before purchasing the franchise. There is no substitute for working in the system before purchasing the franchise. Don’t think you can afford to do this? Perhaps you should consider whether you can afford NOT to do this.