What about a Franchise
What about a Franchise
In recent past issues of this newsletter I’ve been exploring ways to start a business, places to find funding and ways to market your business. While talking to Michael it occurred to me that I had never discussed franchising and it is in fact an alternate way to get into business for yourself.
Michael’s story is interesting and pretty typical of the people he sees. He was in the restaurant business for many years and was very successful at it. He knew however that it was not what he wanted to be doing for the rest of his life-it was not his passion. Because of that he began to explore the opportunities that were available to him.
At some point during his exploration he decided he wanted to own a franchise. With a franchise you buy the right to sell a product or service according to guidelines given to you by the franchisor. This usually involves investing in a proven business system, and then receiving training and ongoing support by the franchise company. You could almost think of franchising as half way between working totally independently and working for someone else.
Michael decided to seek help and information from The Entrepreneur’s Source, the franchise he ultimately bought. They helped him to determine if he had the right temperament, work habits, behavioral style, and risk tolerance to be in business for himself. They then worked with him to evaluate the various franchises until Michael found the one that was right for him. Michael enjoyed the education and guidance The Entrepreneur’s Source provided him and decided he would like to do the same for others.
The total investment cost for a franchise is usually from $25,000 and up. Most franchise fees range from $20,000 to $45,000. This initial fee is to acquire a franchise, be granted a territory, be trained, and then have ongoing access to the name, systems, and trademarks of the company. Franchises can be as simple as businesses that can be run out of your home, or can also involve additional investments in equipment, supplies, inventory, vehicles and buildings.
Michael says that a franchise gives a person the opportunity to invest and participate in a proven business system and to “be in business for himself, but not by himself.” Another benefit is that the franchisee does not have to have experience in the industry represented by the franchise. The franchiser provides the training and ongoing support to help the franchisee achieve success. There are over 5000 franchises across the world, involving hundreds of different businesses and concepts.
Since there are hundreds of franchises available and lots of information to gather, The Entrepreneurs Source helps the client to explore the opportunities in a systematic way and get all their questions answered. The franchisors pay the majority of Michael’s fees. Initially Michael will schedule several no-cost meetings to get to know the client and to determine if they might be a good fit for business ownership. Once he and the client agree to work together, his clients pay a modest fee to cover the expense of the some of the customized assessment tools that The Entrepreneur’s Source uses to develop client profiles. Even though Harrington works with many franchisors, his primary concern is to identify options that best fit the profile of his client.
Michael pointed out that it is more important that the business owner have a passion for business than for the products or service of that business. It is the job of the business owner to run the business and that may or may not mean actually working in the business. In his book The E-Myth Revisited Michael Gerber talks about business owners working on the business as well as in the business. It is a lesson all business owners need to understand.
Take Action
1. Read the book Free Agent Nation and take the online Free Agent Aptitude test. The book gives you a code to use for the test.
2. What kind of business interests you? Do some exploring of businesses in existence that excites you? Talk to the owners.
3. Read the E-myth Revisited. Would your business benefit by your spending more time working on it? If your answer is yes, make a list of the steps you need to take to make the adjustment. What will the impact be?
4. Interested in franchising? Contact Michael Harrington The Entrepreneur’s Source 866-834-0003 or . Mike works with clients over the telephone and also at his office in the Cummings Center in Beverly, Massachusetts.
What about a Franchise - To learn more about this author, visit Alvah Parker's Website.
Like this article? Share it with your friends
I recently had an opportunity to chat with Michael Harrington, owner of The Entrepreneur’s Source in Beverly. He is in the business of helping people to identify and research franchise business opportunities that match their goals and needs.
In recent past issues of this newsletter I’ve been exploring ways to start a business, places to find funding and ways to market your business. While talking to Michael it occurred to me that I had never discussed franchising and it is in fact an alternate way to get into business for yourself.
Michael’s story is interesting and pretty typical of the people he sees. He was in the restaurant business for many years and was very successful at it. He knew however that it was not what he wanted to be doing for the rest of his life-it was not his passion. Because of that he began to explore the opportunities that were available to him.
At some point during his exploration he decided he wanted to own a franchise. With a franchise you buy the right to sell a product or service according to guidelines given to you by the franchisor. This usually involves investing in a proven business system, and then receiving training and ongoing support by the franchise company. You could almost think of franchising as half way between working totally independently and working for someone else.
Michael decided to seek help and information from The Entrepreneur’s Source, the franchise he ultimately bought. They helped him to determine if he had the right temperament, work habits, behavioral style, and risk tolerance to be in business for himself. They then worked with him to evaluate the various franchises until Michael found the one that was right for him. Michael enjoyed the education and guidance The Entrepreneur’s Source provided him and decided he would like to do the same for others.
The total investment cost for a franchise is usually from $25,000 and up. Most franchise fees range from $20,000 to $45,000. This initial fee is to acquire a franchise, be granted a territory, be trained, and then have ongoing access to the name, systems, and trademarks of the company. Franchises can be as simple as businesses that can be run out of your home, or can also involve additional investments in equipment, supplies, inventory, vehicles and buildings.
Michael says that a franchise gives a person the opportunity to invest and participate in a proven business system and to “be in business for himself, but not by himself.” Another benefit is that the franchisee does not have to have experience in the industry represented by the franchise. The franchiser provides the training and ongoing support to help the franchisee achieve success. There are over 5000 franchises across the world, involving hundreds of different businesses and concepts.
Since there are hundreds of franchises available and lots of information to gather, The Entrepreneurs Source helps the client to explore the opportunities in a systematic way and get all their questions answered. The franchisors pay the majority of Michael’s fees. Initially Michael will schedule several no-cost meetings to get to know the client and to determine if they might be a good fit for business ownership. Once he and the client agree to work together, his clients pay a modest fee to cover the expense of the some of the customized assessment tools that The Entrepreneur’s Source uses to develop client profiles. Even though Harrington works with many franchisors, his primary concern is to identify options that best fit the profile of his client.
Michael pointed out that it is more important that the business owner have a passion for business than for the products or service of that business. It is the job of the business owner to run the business and that may or may not mean actually working in the business. In his book The E-Myth Revisited Michael Gerber talks about business owners working on the business as well as in the business. It is a lesson all business owners need to understand.
Take Action
1. Read the book Free Agent Nation and take the online Free Agent Aptitude test. The book gives you a code to use for the test.
2. What kind of business interests you? Do some exploring of businesses in existence that excites you? Talk to the owners.
3. Read the E-myth Revisited. Would your business benefit by your spending more time working on it? If your answer is yes, make a list of the steps you need to take to make the adjustment. What will the impact be?
4. Interested in franchising? Contact Michael Harrington The Entrepreneur’s Source 866-834-0003 or
What about a Franchise - To learn more about this author, visit Alvah Parker's Website.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
|||
Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
|||
John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
|||
Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to Alvah's articles
 | |
|
|  |
 | |
|
| |
 | |||||||
|
 | ||
 |
||
 |
||
|
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 Instant Business Letter Get Working Capital Write Marketing Plan The Idea Compass Free SEO Report |
|
 | ||
 |
The Top 10 GTD Times Posts
Best Posts for Productivity | |
 |
Top 50 Raising Capital Blogs
Top Blogs To Watch In 2008 | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
