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Franchises for a slow economy

Written by: Nick Strong

Article Overview: How to buy a franchise in a slow economy is an important consideration at times of economic slowdown. However the focus of your franchise business building should encompass short, medium and long term development considerations. Nick Strong MD of www.selectyourfranchise.com looks at how to buy a franchise in a slow economy.

Franchises for a slow economy

During the first half of 2008 we have seen the economy slow and customer confidence reduced. So does reduced confidence mean reduced spending power? Not necessarily.

No matter what the state of the economy customers always buy products and services they value and need. The difference is that during times of economic concern customers analyse their priorities more and choose with a higher degree of selectivity. The money is out there and people have not stopped buying. The key is to offer essential services that people value via a recognised brand and do this very well.

The power of franchising - When you buy a franchise you are buying a tried and tested business model. This model must be followed to help ensure the franchisee’s success. Along with the proven business model every franchisee should receive ongoing support and training from their franchisor. The power of this model means that over 90% of franchisees in the UK run profitable franchised businesses.

Does this mean that franchising is recession proof? No it does not however, a well run business that focuses on high levels of customer satisfaction will increase repeat business and word of mouth recommendations. This helps any business grow.

So what should you do now?

• Decide what you want to do. Enthusiasm for what you do is a vital ingredient to help ensure success. You can only be enthusiastic about doing what you enjoy.

• Research options via directory information websites such as www.selectyourfranchise.com that will introduce you to a wide range of franchise opportunities and testimonials from their franchisees.

• Contact the franchisor(s) or your choosing via the contact details offered

• Visit the franchisor(s) of your choosing, see their operation and meet the people. Getting on with the people is important in any business building situation.

• See yourself building the franchise business

• Speak to franchisees and ask them any question you like including questions about business performance in an economic downturn.

• Commit to buying the franchise or not.

• If you decide to go ahead then contact the British Franchise Association and ask for contacts to accredited lawyers and banks for assistance with professional tasks and advise you will require during he buying process.

We wish you well in your search. Choose carefully, work hard and enthusiastically follow the proven franchise system. Best results in all economic climates are achieved by enthusiastic disciples of the proven franchise system.

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Article Tags: business building, customer confidence, customer satisfaction, economic concern, essential services, franchise business, franchise opportunities, franchised businesses, franchisee, franchisees, franchisor, higher degree, ongoing support, recession proof, repeat business, research options, selectivity, spending power, vital ingredient, well run



Related Forum Posts
Re: Ways to Maintain Profits in a Slow Economy - Hi Gt, You have hit the home run with this post. I agree with you on all the points. Let me add this, you should also get high quality product to market to wealthy people. I read it in a magazines that the wealthy people buying habits are never slow down in any economy. They buy whether the econoy is slow or fast
Re: HELP! Forum member with ability to analyze log files needed! - Hi Evan, As I'm typing this, the forum is loading very, very slow. At one point it wouldn't load at all except for the main banner. Over on the left there was a timeout warning that said there were too many connections. I'm guessing this has to do with this rogue agent. After refreshing the page it loads, but rather slow. **Update** The site is loading quicker now, but still a little slow.
Re: Service Or Product? - Service company always thrive in down economy. Let look at the advertising industies in any economy, you need to advertise your products or services even if you cannot afford any other things
Re: Plan Your Retirement NOW - Hi, Beat I must say the state of the economy has me worried these days. Not so much the state of it...but the knowledge that the politicians and people who are supposed to be in charge of the economy are so incompetent it's not even funny...
Re: 21 Ways To Get New Customers In A Slow Economy - Thanks Evan, Your ideas are full of wisdom required for a time like this. I`ll like to add another idea to your list : Update your Knowledge and Sharpen your Skill on a daily basis. The economy may be considered slow,but customer awareness is on the increase,therefore,if the pocket (disposable income) of the proposed new customer is of any interest to you,then you must stay ahead by at least one step in your skill and knowledge. The 21 ways as listed by Evan is a sure way to increase in knowledge and sharpen you skill.


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