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Budding entrepreneurs should take advice from successful franchisees

By: Deborah Bates
30 January 2012

An industry expert has revealed that talking to successful franchisees could prove very useful for budding entrepreneurs.

That's according to Fraser McKay, writing for For him, the message is clear: if you want to start your own business, talk to someone who's been there and done that first.

"By talking to them you will be able to receive realistic insights into how many hours you will need to put in to make the business succeed, how long you can reasonably expect to wait before breaking even, how much operational and working capital will be needed to run the business," McKay revealed.

He also suggested that franchisees that have been successful in their endeavours could give an idea of the common obstacles someone following in their footsteps will encounter. In fact, many franchisers insist that prospective franchisees ensure they get this face-to-face advice before they will even consider taking them own.

However McKay did warn potential business owners to ensure that the person they gain advice from is not close to the franchisor, as there is potential for their opinion to be biased.

Despite this warning, he still maintained that garnering this advice remains one of the "most useful checks" a potential franchisee can do, reported.

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