Buying a Franchise – What About Future Technology Challenges

April 16, 2021 by No Comments

As former franchisor I get asked quite a few questions about franchising, and most of those questions come from potential franchise buyers, people that are looking at franchising as an alternative career. Most of them are tired with corporate America and they don’t like the idea of getting laid off every time the business cycle comes in and goes out, like the rising tide. Nevertheless, one thing that always concerns me is that new franchise buyers don’t always ask the right questions. مصاعد بانوراما

Let me give you a for instance, most franchise buyers never seem to ask about the future technologies that could change the game in the industry that they are looking into. Let’s say in the mid-90s you invested in a photo-processing business. People would bring in their photos and negatives from their 35mm cameras and you would do the developing. You would have special rush services, and you would sell camera equipment and accessories.

Unfortunately, everything has gone digital, and unless your franchisor was on the ball, that hundred thousand dollar or more photo-processing machine that is your business’s lifeline is completely obsolete; are you beginning to see the problem?

Not long ago, I noticed there was a franchise business model for “teeth whitening” and people would come in and it would only take about 20 minutes and their teeth would be perfectly white again using a special UV process. But now, dentists have kiosks right in the lobby that people can come in and use, or they go behind a wall in a little room and stick in their $10 bill.

And what about all those Copy Store Franchises, there must have been five or six top name brands, and none of them are around anymore. All the franchisees have gone out of business and the franchisors have stopped selling. So, if you are considering buying a franchise, why not ask the question about future technologies and do some research. Try to find out what’s on the rise in, or what will soon be coming into the market place before you purchase your franchise. Indeed, I hope you will please consider this.

 

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