Here are some of the key steps you should take before committing to a franchise opportunity.
- Assess your skills, strengths and weaknesses.
- Complete the Griffith University online pre-entry franchise education program.
- Get professional advice from an accountant, lawyer and business expert.
- Make sure you receive an information statement, disclosure document, franchise agreement and a copy of the Code. Read these documents carefully.
- Take comprehensive notes of your meetings with the franchisor. Insist on the franchisor confirming any claims it makes in writing.
- Speak to current and previous franchisees.
- Research the franchise and try to verify the information provided to you.
- If you will occupy premises as part of your franchise, make sure you understand your rights and obligations under the lease or occupancy agreement.
- Check clauses on termination, renewal, end of term and transfer of the franchise, and make sure you are willing to accept them.
- If the deal is not acceptable, try to negotiate a better offer or look for a better deal.