okay in this video i want to talk about franchising and buying a franchise
if you have an interest in starting your own business or running your own business
then one of the least risky ways to do is to buy a franchise however what you need to recognize is
the qualitative difference between different types of franchise if i was to say to you mcdonald's
burger king kentucky fried chicken costa coffee you would immediately recognize those as leading
franchises you recognize the colours the trademark the logo the golden arches corner saunders you
accept i presume the birds are coming and feed there you accept i presume that the likes of
burger king and mcdonald's and kfc and costa coffee have tried and tested systems of operating
of making the coffee making the workers running the restaurants killing them out the logos the
branding the setup they get up the training they have central marketing their central
advertising their central purchasing and obviously yeah that's what you're buying into you're buying
into a tried and tested system with that type of a franchise it's going to be expensive
it's going to cost you quite a lot of money and it would be stomach churning eye watering
uh to tell you on the sun in the morning what the figure is for example for a mcdonald's
or a burger king franchise having said that it's probably a good investment but i digress
slightly the point i'm making is there's a massive difference a qualitative difference
between a tried and tested franchise like those ones which i've mentioned versus
perhaps a new franchise offering you the opportunity to clean houses in kildare or
with me their mead or to do some sort of just to blow your rain coming out to do some sort of
weight loss program or something of that nature in other words if you're going to go clean houses
you'd want to be absolutely certain that the system that they have operating is going to give
you a competitive edge versus your competitors and that's very very unlikely because let's face it
anybody can clean a house and the danger is you're going to get into a situation where you are likely
to be or possibly undercut by somebody else coming along cleaning houses at a cheaper rate the same
story with the likes of weight loss they're not saying you couldn't have a successful weight loss
franchise or a house cleaning franchise and so on but what i am saying to you is this when you come
to house cleaning can you think of any recognized brand any recognized franchise that you'd be happy
to or immediately recognize and you'd be happy to invest in i don't believe so anybody can clean
houses but anybody can't set up a mcdonald's or a burger king so you need to recognize that
there's a qualitative difference between a leading tried and tested brand tried and tested franchise
like mcdonald's or burger king versus something involving uh as i said cleaning houses
or some sort of a start-up franchise with perhaps a coffee shop or a burger bar or something that
hasn't been tried and tested so you always have to be asking yourself the question what
am i buying here for the franchise fee what am i buying here for the ongoing franchise payment
and what you're buying is or what you should be buying is a recognized brand a recognized tried
and tested system of operating in that particular industry and as i say i've had people coming to
me with queries and questions about all sorts of different franchises but none of them were big
recognized brands most of them were relatively new startup type arrangements in for example
recruitment or weight loss or cleaning houses or different bits and pieces stainless over and
stuff like that those type of franchises all very well they may appear to be cheap they may appear
to be a good value they may appear to allow you to get into your own business something perhaps
that you've always had a hankering for you've always had an ambition or a desire to do that
that's all very well but you need to weigh up very very calmly and very carefully the what
you're buying what you're actually getting for your money do you need the franchise for example
to go and clean houses in west me either meet or kill there or dublin don't think you do it's
not rocket science and um obviously you can uh you can do it without buying into a franchise
likewise you can do plenty of other things as well without necessarily buying into a franchise
if you're going to buy into a franchise make sure that you're buying into a tried and tested system
a tried and tested arrangement whereby the it's a brand that's recognized and if you find yourself
buying a franchise and you're having to explain to family and friends neighbors colleagues what
exactly the franchise does and have never heard of before then i would caution you to consider
carefully get some more advice and don't rush into it because when you're explaining you're
losing and when you're explaining that you've just bought a mcdonald's or a burger king or a kfc or a
custard coffee then there's no further explanation required people might say to you where did you get
the buddy money but they won't be asking you what do you do or what does the business do because
everybody knows what the business does but when it comes to cleaning houses or other activities that
may you may come across a franchise be careful because you do need to test and recognize or see
if it's a recognized brand and so on if it's not then as i say you need to be careful anyway i have
already made a video about 30 questions you would ask um buying a franchise i'll link it up here
it's on my youtube channel already it's there for a few years but it's 30 questions that you
should ask when you're buying a franchise and if you go through the 30 questions and use it
as sort of a checklist i think you'll find it very useful and i think you'll find that it'll help you
make a decision as to whether you want to buy the franchise or not i hope you find this video useful
and if you do i'd appreciate if you give it a thumbs up down below and they would also
appreciate if you give um if you subscribe to my youtube channel i make videos regularly on
my youtube channel and i cover all sorts of stuff including law and business and so on and so forth
thanks for watching and as i say hit that like button thanks a lot