Strategic Tips To Entrepreneurs When Considering Becoming A Franchisee, From Your Strategic Thinking Business Coach
Strategic Tips To Entrepreneurs When Considering Becoming A Franchisee, From Your Strategic Thinking Business Coach
Strategic Tip #1: Assess your readiness and your suitability to be a franchisee. Too many entrepreneurs neglect this assessment. Owning a franchise is not like opening your own business. Buying a franchise means you have become a part of a larger organization and you must adhere to guidelines and structure. For many entrepreneurs, this is not a concept with which they are comfortable.
Strategic Tip #2: Do your due diligence and research the product or service that is being franchised. You need to know all about what you are selling and you need to feel comfortable and confident in selling it.
Strategic Tip #3: Make sure you absolutely understand all the costs involved with the franchise opportunity. There have been too many franchise owners who only looked at the initial outlay of capital and did not consider and plan for the ongoing financial needs of the business. You need to develop a detailed budget that incorporates not only the startup costs, but also the operational and maintenance costs for the first 3 to 5 years.
Strategic Tip #4: It is absolutely critical that you speak with other franchisees and learn their opinions of the franchise business, and their opinions of the strengths, weaknesses, opportunities, threats related to the franchise. You must do this before investing any money in the franchise business.
Strategic Tip #5: Seek outside advice and counsel. Consider hiring a strategic thinking business coach to guide you through your decision making process.
Strategic Tip #6: Retain legal counsel to review the franchise agreement. Select an attorney that is familiar with franchise agreements. Never sign a franchise agreement or any franchise document without legal counsel.
Strategic Tip #7: Insist upon receiving everything in written form. This is especially true when it comes to what the sales representative tells you about all the wonderful things about the franchisor. In other words, get all promises from the franchisor in written form.
Strategic Tip #8: Conduct a SWOT analysis of the franchise opportunity.
Strategic Tip #9: Perform an independent market analysis of the franchise opportunity.
Strategic Tip #10: Develop a strategic plan and a strategic action plan with integrated marketing communications elements and assess the level of time, resources and capital it will take to assure a successful venture.
Your Strategic Thinking Business Coach encourages you to fully realize the benefits of business coaching to strategically and effectively start a new business, on your own or becoming a franchisee. If you would like to learn more about how a strategic thinking business coach can facilitate and guide you in that endeavor, please contact Glenn Ebersole today through his website at www.businesscoach4u.com or by email at jgecoach@aol.com
Strategic Tips To Entrepreneurs When Considering Becoming A Franchisee From Your Strategic Thinking Business Coach - To learn more about this author, visit Glenn Ebersole's Website.
Like this article? Share it with your friends
Many of today’s business owners are entrepreneurs and many of those entrepreneurs are franchisees. Many of these franchisees are very pleased with their experience and results, but too many others have become victims of the dynamics and realities of franchising. Your Strategic Thinking Business Coach researched the issue and found ten (10) strategic tips to share with entrepreneurs who have decided to become franchisees.
Strategic Tip #1: Assess your readiness and your suitability to be a franchisee. Too many entrepreneurs neglect this assessment. Owning a franchise is not like opening your own business. Buying a franchise means you have become a part of a larger organization and you must adhere to guidelines and structure. For many entrepreneurs, this is not a concept with which they are comfortable.
Strategic Tip #2: Do your due diligence and research the product or service that is being franchised. You need to know all about what you are selling and you need to feel comfortable and confident in selling it.
Strategic Tip #3: Make sure you absolutely understand all the costs involved with the franchise opportunity. There have been too many franchise owners who only looked at the initial outlay of capital and did not consider and plan for the ongoing financial needs of the business. You need to develop a detailed budget that incorporates not only the startup costs, but also the operational and maintenance costs for the first 3 to 5 years.
Strategic Tip #4: It is absolutely critical that you speak with other franchisees and learn their opinions of the franchise business, and their opinions of the strengths, weaknesses, opportunities, threats related to the franchise. You must do this before investing any money in the franchise business.
Strategic Tip #5: Seek outside advice and counsel. Consider hiring a strategic thinking business coach to guide you through your decision making process.
Strategic Tip #6: Retain legal counsel to review the franchise agreement. Select an attorney that is familiar with franchise agreements. Never sign a franchise agreement or any franchise document without legal counsel.
Strategic Tip #7: Insist upon receiving everything in written form. This is especially true when it comes to what the sales representative tells you about all the wonderful things about the franchisor. In other words, get all promises from the franchisor in written form.
Strategic Tip #8: Conduct a SWOT analysis of the franchise opportunity.
Strategic Tip #9: Perform an independent market analysis of the franchise opportunity.
Strategic Tip #10: Develop a strategic plan and a strategic action plan with integrated marketing communications elements and assess the level of time, resources and capital it will take to assure a successful venture.
Your Strategic Thinking Business Coach encourages you to fully realize the benefits of business coaching to strategically and effectively start a new business, on your own or becoming a franchisee. If you would like to learn more about how a strategic thinking business coach can facilitate and guide you in that endeavor, please contact Glenn Ebersole today through his website at www.businesscoach4u.com or by email at jgecoach@aol.com
Strategic Tips To Entrepreneurs When Considering Becoming A Franchisee From Your Strategic Thinking Business Coach - To learn more about this author, visit Glenn Ebersole's Website.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle'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 |
|||
David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
|||
Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
|||
George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
|||
Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
|||
Dianne CramptonDianne Crampton is an executive leadership coach, team culture consultant, author and president of TIGERS Success Series, Inc. Dianne has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down go here. Dianne's contribution to the 2010 Pfeiffer Consulting Journal (an imprint of John Wiley and Sons Publishers) entitled TIGERS Hearted Teams is available in November 2009. Her new book TIGERS Among Us: 5 Winning Business Team Cultures And Why, Three Creeks Publishing will release in March 2010. To receive publishing discounts, subscribe to the free TigerTracks Newsletter here. - Visit Dianne Crampton's Website |
|||
Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to Glenn'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!
|
|
 |
 Relationships and Referrals Managing Generations Client-Attracting Web Copy Challenges Of Change NichePreneur Mindset |
|
 | ||
 |
The Top 10 Guy Kawasaki Posts
Best Posts for Entrepreneurs | |
 |
The Top 10 ProBlogger Posts
Best Posts for Bloggers | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
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!
|
|
|
| ||||||||||
|
| ||||||||||
|
|
||||||||||