Whether you’re looking into buying a fast-growing education franchise, or you want to dig in and purchase a franchise that requires a brick and mortar establishment, inventory, and has a high overhead, you’ll want to know the pitfalls you need to avoid when considering buying a franchise.

Lack of Support

Check into the support system of the franchise you’re studying. Talk to other franchisees. Find out if they feel like they got the support they needed when they started out, especially if you’re new to the field you’re investigating.

Some franchises will expect you to already have a good grasp on how to successfully run a business and will only offer limited support, even in the beginning.

Other franchises want you to be as successful as possible and are willing to do what they can to make sure that happens by offering you ongoing training and support from franchise experts. While we can’t speak for all the great franchise opportunities out there, we can tell you that stellar support system looks like this:

Pre-Training training

• Training
• POST-training training
• Weekly franchisee calls
• Yearly franchise conferences
• Ongoing operations and tech support
• Regional meetings

Those latter ones? Those are the ones you want to connect with. THAT’S support.

Hidden Fees

Look carefully at the fee structure for the franchise in question. You’ll definitely pay the franchising fee, usually royalties, and a percentage of sales. BUT, if you have a brick and mortar store, there may be rent involved. There may be upgrading and improvement fees to pay. You may even have to pay for some extra support.

The less “stuff” you have to deal with when it comes to owning a franchise (lack of physical presence, lack of inventory, etc), the less you’ll pay.

Read up on all the things the franchise you’re looking into charges and take that into consideration when making your purchase.

Buying a Franchise that Doesn’t Fit

Look for a business that fits your goals and your ideals. You may LOVE a restaurant’s concept, but running a restaurant franchise takes time, patience, and money. You’ll work. A LOT. But if you’re looking to maintain a work-life balance that allows you to spend more time watching movies with the people you love, then the restaurant? You should forget it.

You want a low-maintenance franchise that will allow you to work when you want, from the comfort of your kitchen table, while your spouse sits across from you staring into your face, adoringly. Or…not.

Not all education franchises, not all franchises, period, offer the luxuries of that balance. Study your options well and consider the kind of life you want to live after buying a franchise.

There are pitfalls and risks involved when buying any franchise. Have as clear of a picture as you can before writing your check.

Apply now to become a Tutor Doctor franchisee and avoid the usual pitfalls of buying a franchise.

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