Look Out for These Mistakes when Purchasing a Franchise

If you’re looking into buying a coffee franchise, you’ve got a business mind and you’re ready to make a financially and mentally satisfying move for your life. Look forward to the benefits of business ownership with a proven method when you pick a food franchise. However before you rush into things, there are a few common mistakes that franchisees make because of their excitement. If you want to succeed, keep a level head and watch out for these franchise pitfalls:

Skipping the Market Research for Your Franchise

Buying a coffee franchise is a huge investment of time and money. You should never rush into any deal before you research the market for the industry and area that you’re planning on placing your shop. Whether you’re dealing with a broker or the franchisor themselves, they’ll always want to sell to you because your success means their success. However they aren’t always looking out for the money past the initial franchise fee. If you have friends, family, or business associates, ask them for help to research the business market for your coffee franchise before you decide on going forward with any purchases.

Getting Personal with the Franchisor

When you buy a coffee franchise, you’ll be in close relation with the franchisor. At the very least, they will be your only real ‘boss’ that you must listen to. You are paying for their method after all. Before you sign up for a franchise, you want to make sure that your personalities and philosophies match, even if you’ll rarely ever see your franchisor. You want to know that you’re making the right decision by choosing the right business partner. Invest in spending some time getting to know not only what the internet has to say about your franchisor, but see if you can’t snag some one-on-one time with lunches, meetings, or an interview.

Thinking Franchising is 100% Independence

Owning a coffee franchise does offer you the ability to be your own boss and make the hiring calls. However when you enter into franchising, you should also be aware that you still have a higher power to answer to: the franchisor. You won’t be able to deviate from the already established image. You’ll have to follow the rules and operation manual set up by the franchisor. Though you will be on your own most of the time when it comes to running your store. Franchising is the perfect mix of independence, but you’re not alone.

Not Learning the System for Your Franchise

All franchises come with a system set up by the franchisor that have been proven to succeed—that’s why the franchisor has turned their business into a franchise (assuming they have multiple units at this point). If you do not learn the system, you will not find their success. If you refuse to learn their system, you will not only lose business, but you also might lose your coffee franchise.