- 1). Perform a self-evaluation. Assess why you want to purchase a motorcycle franchise, whether it is because you want to work with diverse customer groups or apply your motorcycle mechanic experience to your own business. Also assess whether you can accept responsibility and control as a the new motorcycle franchise owner, including dealing with dissatisfied customers.
- 2). Research different motorcycle franchise business options. Speak with current motorcycle franchise owners about their experiences, ranging from managing staff to interacting with suppliers. Arrange to meet at a convenient time for them at their offices. Accept that some motorcycle franchise owners will provide you with more details about their operation than others.
- 3). Check your financing options before contacting motorcycle franchises you are considering. Some franchise businesses require an investment of personal funds before they offer financing options. You want to have an idea of how much money you can invest, so you are not turned down. Review your personal credit history before contacting motorcycle franchise owners. Each franchise owner can ask for this financial information and refuse to accept your application or extend you business credit.
- 4). Prepare a list of questions before contacting motorcycle franchises to help narrow your selection. Use a checklist for investigating franchise opportunities, recommends Erwin J. Keup, in an Inc. magazine article entitled "Information to Secure from a Franchisor." Find out about buying an exclusive territory, so other motorcycle franchise owners cannot profit from your marketing or advertising efforts. Other checklist questions involving the motorcycle franchise owner include providing financing, current sales reports and marketing plans.
- 5). Use business and legal advisers who understand franchising opportunities and franchise documents, such as the Franchise Offering Circular. This document provides the guidelines between motorcycle franchise seller and the motorcycle franchise buyer, according to an August 2010 International Franchise Association article. Ask your business and legal advisers about their backgrounds in handling franchise business transactions. Once you decide on a motorcycle franchise, you can finalize the legal paperwork for owning the motorcycle franchise and open for business.
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