Franchise Buying Guide

Ready For Takeoff

Step Three
Presented by Guidant Financial
Guidant Financial specializes in helping entrepreneurs purchase new franchises using their retirement funds.

Review The Data And Draw Conclusions
Listen to your research. Kenneth L. Bernhardt, a professor of marketing at Georgia State University, says that initial research for the ill-fated DeLorean automobile showed a large demand for a specialty sports car in the $15,000 to $20,000 range. But DeLorean ignored the research, adding features that resulted in a $25,000 price tag-and ultimate failure.

It's a good bet that DeLorean turned his back on his research because he loved his own product so much he couldn't be objective about it. He wanted those features; why wouldn't others embrace them?

Sadly, many would-be franchisees make the same mistake. They're so delighted with a system and so eager to feel a part of it that they dismiss the hard facts turned up in research-or they skip research altogether.

Pay attention to your research. If industry and market analyses reveal a major flaw-insufficient demand, a looming change that threatens to cause an industry shakeout, or strong competition that is likely to launch a counterattack if you enter the market-think twice. If you can't sell your product, you won't succeed.

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