Buying A Franchise Bakery
If cakes, pastries and pies are your passion and you want to buy a franchise bakery
? Then opening a bakery is a dream come true for many, but it is not an easy task and especially if you want to buy a franchise. Before I provide you with the tips on how to buy a franchise bakery, I would like to tell you something about franchise.
A franchise is a legal agreement between franchisor or seller and franchisee which states that the franchisor gives the legal rights to the franchisee to produce the goods or services of the franchisor. Opting for Franchise as a business always proves to be an advantage to the franchisee as you get to use the company logo and name which has already gained immense popularity.
Here are some tips to you should check while buying a franchise bakery:
1.Serious study: Many franchise disasters can be reverted if the franchisees have a certain basic knowledge about franchise. In the start you can ask the franchisor about the Uniform Franchise Circulars (UFOC'S) as they include useful data ranging from annual revenues to what was expected of the franchisor etc.
2.Attention to franchise turnover: Pay special attention to the last three years franchise turnovers. Also read the section of litigation.
3.Compare prices: Check out what you have to contribute to the shared services such as advertising, software rental, equipment maintenance, audit administrative and other service. Franchising is an expensive process and some franchisors also require you to pay at their headquarters for training. Also check the expense of inventory and store maintenance.
4.Pay attention to the size of the franchise system, the larger the system less is the requirement of operational skills.
5.Study the area and the customer base of the bakery which you are buying.
6.Communicate: Establish a good communication network with the present franchisor as well as the previous ones in order to get the whole idea of the franchise works, popularity, customer base and the area etc.
7.Hire a professional: If you don't get the basic idea of how the franchise bakery works then it is good to hire a professional, business broker or an accountant to advice you.
8.If you are working with a new franchise bakery then you have the power to negotiate your contract rules like the franchise can complain publicly and you can also negotiate the dealing amount set.
9.Visit the area before buying the franchise, you will obviously get a basic idea of how the bakery runs, what sort of equipments are used in the business, how much skilled a labor you want and also the location whether it is accessible or not etc.
Keeping these tips in mind will benefit you and it will become easy to finalize the deal and buying your franchise bakery. Buying a franchise is an expensive procedure and you require a good financial capital to handle the franchise business but it is much better than starting from the scratch.
by: bettymoore85
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