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"Myriad opportunites" in franchising, expert says

By: Deborah Bates
02 June 2011

An expert has claimed that there are "myriad opportunities" available for go-getters within the franchising market.

Mike Waller, a franchising specialist and consultant, told Smart Money how the opportunities to start your own business are widespread and ripe for the picking.

However he also spoke of the importance of ensuring people pick the right franchise for him. He claimed that people need to think about what they "are looking for, what they really do well and what they want to get out of it."

This advice was especially pertinent for one businessman, Reynolds Corea, who also spoke to Smart Money about his franchising experience. He knew he wanted to do something different, but wasn't sure in which direction to go.

Corea claimed that in order to find what he wanted to do, he worked with several different franchises for a while to get "a better feel for the business" - something which fellow franchising expert, Christine Friedberg, recommended.

She revealed: "I've seen prospects ride along with a franchisor for a day or two to get a feel for the business."

Much has been said about researching franchises before jumping into them, and these experts aren't the only ones to have spoken out.

Recently, the British Franchise Association stated that before investing in a franchise, there were a few steps to take. These included people checking they had enough money to make the investment, researching the franchise properly, and understanding the marketplace.

 

 

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