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I am making a drastic career change so I have no experience with this type of business. This was a motivator for me to find an established business with a well established franchisor rather than building something from scratch. I am familiar with the location and will be spending time at the centre and surrounds to improve my knowledge of the location over the next couple of weeks. There currently isn’t much in the way of competitors nearby which is nice. I will research similar franchises to see if they have plans to build within this shopping centre.

I have the financials for the store and am going through them as I write this. There are some obvious areas for improvement and I will book a meeting with my accountant shortly to get his opinion.

What I am really interested to know if there is anyone here who has done something similar in the past. Can anyone share their experience whether it be a success or less than a success?

MCP, post: 210810 wrote:
All of the improvements you mentioned cost extra so if you are heading into a new business be prepared to have enough cash to fix it up first and then start making a profit. If you are buying a franchise it should be reasonably established (good brand, steady client base etc) otherwise it will be cheaper just to open a similar business next door and try your luck.
Do you have experience in the industry that the franchise is located – do you know the location well enough?? If the location is good then there will either be a similar nearby or about to open – franchisers do a lot of research regarding location (traffic flow, average household income etc etc), that is why when you see a McDonalds there is always a Red Rooster or Pasta Cup nearby!!!

It seems like you have already identified a few elephant traps so beware the fine print.

The only way to tell what is really going on with the business is to look at the recent set of financials – you may need to sign a confidentiality agreement and if you are not financially minded it may be best to get you accountant (or a really good business analyst) to look over the figures.

Good luck