Top ten 2010 franchises list

For those people who are in the market to purchase a franchise, they are advised to get a copy of this month’s Entrepreneur magazine as it just released the list of the best franchises for this year.  

From this you will be able to learn some of the important questions that one should ask him/herself before buying a franchise. The first thing we learn from the top ten 2010 franchises list is the name recognition of the franchise. Franchises only work well when there is already immense name credit among the target market.  Before you purchase a franchise with no or little name recognition in your market area, just ask yourself the volume of legwork that you will be willing to do so as to build and establish your franchise.  

The other thing we draw from the top 10 franchises 2010 is knowing the success rate of your franchise. You should never believe the numbers that franchisors tell you as most of them have a way of making franchise rates appear better than they really are. Well-run and established franchises should never hide data of this kind or even try to inflate the numbers artificially. They should in fact be open about the success rate to franchisees. 

Ask yourself what franchisors are doing in order to help you market your franchise. It is your responsibility to market your business as a potential franchiser. The franchisor cannot just do everything for you. But you should inquire from them what they are doing to promote the franchise name in your target market. In case you are paying market fees as part of ongoing payments, just ask them what the benefits of the fee are.    

Finally, know exactly what you are purchasing. You must do some research so as to understand the product before signing for the franchise. Test whether this franchise concept is mature enough so that you will not be inventing the products and services more frequently.  Having answers to the above concerns will lead you to make the right franchise decisions.