SCORE Small Business Blog

Franchise: Purchase Factor #5
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Continued, Top 5 Buying Factors when Purchasing a Franchise.

In previous posts we covered: Safety, Affordability, Success and Fitting Your Image. Now we end with #5, PRESTIGE!

For some people this is a big category and for others it is not. Some people could care less about what other people think about them and others it is a big factor. Others are easily influenced by what others think. This is what we call peer affirmation.

People seeking affirmation from their peers will talk to anyone about what they are thinking about and planning to do. If the others agree and go along with it, then they will keep moving forward. If not, then that business is most likely going to the wayside.

There are definitely some very “sexy”, “white-collar” franchises out there. We are always on the hunt for them, since they can be very affordable and can do quite well for the right people. However, they sell very quickly.

Some franchises do not look very prestigious from the outside. After investigating them and seeing the growth opportunities that can exist, they can become very prestigious.

Almost all clients who come to FranNet are thinking that they know the business that they want to buy. They will most always end up buying something totally different and one that they never even knew was out there. It still needs to meet their prestige factor though, whether the factor exists for them or not.

So, safety, affordability, success, fitting your image, and prestige are the top 5 buying factors of buying a franchise. All of them must be answered to your satisfaction to say yes to that business. Jot them down on a piece of paper and weigh them against the franchise(s) that you are researching. If you can come up with answers to all of them, you are most likely making a well-informed and educated decision.

Now that you are experts, go out there and do your research. More importantly go after your dream!

Jania Bailey, Guest Blogger
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