If you have ever watched Jim Cramer’s “Mad Money,” Cramer urges viewers to do their homework before investing. Just watching his TV show is not a fast-track to success, but gives you a good starting point and good advice on what to look for in potential investments.
A recent article by the Wall Street Journal gives great advice on some homework about any potential franchise you are thinking about investing in.
- Talk to Multiple Franchisees: Make some calls and start talking to current franchisees. If you can, talk to former franchisees as well. Is there a particular trend that you are noticing?
- Lawsuits and Bankruptcy Filings: Pacer.gov is an online database where you can look up court records about your potential concept. Are there a lot of issues with your particular franchise? Are there a lot of issues with the industry your franchise resides in?
- Find the Online Pulse: Do different franchise locations receive positive / negative online reviews on sites like Facebook and Yelp?
And, one of the most important things you can do is Talk to FranNet. We are here to help you through the process of finding a match in the franchise world. We’ll teach you about aspects of franchising – including Franchise Disclosure Documents (FDD’s), financing, and more! Best of all – all of our consultations, services and events are FREE!
Don’t miss our upcoming free webinar – Business Ownership Exploration! This webinar is designed to answer all of those initial questions that entrepreneurs tend to think of when looking into business and franchising basics, including:
- The advantages to starting a business
- A look at franchise ownership
- Misconceptions about franchising
- Building equity as a strategy
- How to find the right franchise
This webinar takes place on Wednesday, January 21st at 8pm. To find out more and to register, please visit michiganfranchiseforum.com.
You can also contact me directly at 810-423-3956 or lbelford@frannet.com.
Follow @frannetmidmi
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