Is owning a franchise a fruitful venture?
Edwing Saint Laurent, owner of FruitFlowers, displays a edible fruit and veggie basket at the store in Nesconset. (Sept. 16, 2011) Credit: John Dunn
For many entrepreneurs purchasing a franchise is less intimidating than starting a new business.
After all, you're buying into an already established concept.
But with literally thousands of franchises to choose from, picking the right franchise to invest your money in can be challenging. Given today's tight economic climate, franchisees have to be even more judicious, say experts.
"Making the right initial choice of a franchise is 95 percent of the success recipe," says Mary Tomzack, founder of Manhattan-based Franchise
Help.com and author of "Tips and Traps When Buying a Franchise" (Source Book Publications; $19.95).
You can't just jump into any franchise, she notes. Assessing a franchiser takes time. Here are some tips on getting started:
Help.com and Franchise.com can offer insight.
Assess willingness to negotiate: Don't be afraid to negotiate a better deal. Edwing Saint Laurent, owner of FruitFlowers in Nesconset, which makes fruit and vegetable platters and bouquets, did that when he bought into the franchise in 2007. After speaking with, and researching, several different franchisers, he found FruitFlowers was willing to negotiate a wider territory -- all of Suffolk County -- for a more competitive price rather than limit him to individual ZIP codes. He plans to open additional locations in the next two years.
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