Monkey Puzzle Franchise News
How To Avoid A Franchise Scam
The franchising world is steeped in regulations but this does not necessarily mean that franchise scams don’t exist, they do! Before embarking on the franchise route it is important that you know how to avoid a franchise scam.
While there are established rules and regulations in place, it is still up to the individual to do their due diligence to avoid being trapped in a fraudulent “opportunity”.
Before you commit to parting with your hard earned money there is a relatively easy checklist you should work through to protect yourself.
One of the easiest ways to do your research these days is the Internet, but a word of caution here, you can’t believe everything you see or read online, therefore it is imperative that information is from a trusted source – why? Simply because it is easy to self broadcast and publicise for anyone with basic computer skills, where they can say what they like without any regulation.
The Internet aside, there are other ways on how to avoid a franchise scam, so let’s look at them…
How long has the franchise been around?
In my experience one of the main indicators of whether a potential franchise is spurious is the number of years the company has been in existence before entering into the franchise industry. It is important that a franchise opportunity is built on a solid foundation and proven business model before perfecting the systems of their franchise. If this is not present they are likely to be incompetent with flawed systems and this could lead to franchisees being “ripped off”.
Management experience and support.
If the franchise you are investigating have little experience, do one thing – walk away! Your success as a franchisee will depend on the experience of the franchise owner and management team. Their experience should transfer into support and training for any prospective franchisee, if that is lacking in any way the chances of your success diminish dramatically.
Monkey Puzzle Nursery Franchise pride ourself on the support and training we offer. From set up to follow up support once open including website assistance and SEO from our experts at head office. Make sure to call other franchisees and see what they think of the management team and try and gather what level of support you should expect.
Are the franchise fees justifiable?
If a franchise is deemed successful and a recognised brand it is likely that a relatively large fee will be paid. Once again when you’re speaking with existing franchisees be sure to ask them if the fees are justified and good value.
Has the franchise won any awards?
While obviously not the “be all and end all”, an award from the numerous reputable franchise organisations for their training, support and financial viability is a clear indication that the franchise in question offers what it says and is successful, which in turn will increase your chances of franchise success in the future.
While this is not an exhaustive list and you will obviously have your own questions that will need answering, it is a good basis to begin your research.
If you want to find out more about the Monkey Puzzle Nursery Franchise opportunity register for our information pack here.
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Monkey Puzzle Day Nurseries Ltd
Herts, HP4 2UB
Telephone: 01442 878887