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Franchise Opportunities

Written by: Cynthia Gleeson

Article Overview: According to Entrepreneur.com, the Top 10 Franchises for 2007 are as follows: Subway, Dunkin’ Donuts, Jackson Hewitt Tax Service, 7Eleven Inc., UPS Store, Domino’s Pizza LLC, Jiffy Lube International Inc., Sonic Drive In Restaurants, McDonald’s, and Papa John’s International Inc. More and more people are choosing to opt into these businesses and set up a shop of their own. But, what is it that makes these ten so successful in expanding their chains? How can you too take advantage of one of the myriad of available franchise opportunities that are out there, and become a success?

Franchise Opportunities

According to Entrepreneur.com, the Top 10 Franchises for 2007 are as follows: Subway, Dunkin’ Donuts, Jackson Hewitt Tax Service, 7Eleven Inc., UPS Store, Domino’s Pizza LLC, Jiffy Lube International Inc., Sonic Drive In Restaurants, McDonald’s, and Papa John’s International Inc. More and more people are choosing to opt into these businesses and set up a shop of their own. But, what is it that makes these ten so successful in expanding their chains? How can you too take advantage of one of the myriad of available franchise opportunities that are out there, and become a success?

Well, the good news is that no matter which business you’re looking at becoming a part of, the process to get you going on the right path, the path to success is the same. And, it all begins with one key word: preparation!

Before you do any kind of business assessment or market analysis, you need to look inside at yourself first. How much are you willing to put into a business and how much are you looking to get out of it? Where do you want your business to take you? Will owning a franchise help you achieve your life goals or your greatest dreams? Is the lifestyle one that you would be happy with? All these questions and more are things you need to think about before you even begin thinking about whether you want to buy a Subway or a Jiffy Lube franchise.

Once that all important first step is finished, then you can begin the second of scoping out the franchise opportunities, and narrowing them down to a few that you both get excited about and see the potential in. You don’t want to become a franchisee of Pet Store Inc. because you love dogs, only to realize down the road that the business is going nowhere. Conversely, you don’t want to join the McDonald’s team if you don’t even like to eat hamburgers and fries every now and then. The number of opportunities that are out there are plenty, so don’t settle for less than what is best for you. And, remember that bigger is not always better.

After you’ve decided on a franchisor, there is still much work to do. You need to get a feel and an understanding of what it will take to set up shop. Take a look at other franchisees and how they’re running their business to get an idea for your own plans. See what kind of support and training resources are available from the company’s home office. Establish an open dialogue with company executives and always keep the channels of communication open.

Buying one of the many franchise opportunities available can be an extremely rewarding – and profitable – venture, but only if you have put in the time – ahead of time – to make sure of it. Believe it or not, there have in fact been McDonald’s franchises that have failed, and there have been unknowns that have succeeded. In the end, it’s all up to you and what you’re willing to put in!

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Related Forum Posts
Re: Enticing Franchises - Top 9 List - All Franchise listed above are in millions of dollars. Do you have the list of Franchise in thousands
Re: Info for would be franchisers... - [quote="Sebastien":1d29sdv1]Like Franchise Times, Franchise Update is a very practical magazine. There is no blah blah, just straight facts that anyone in the franchise community can relate to. I just want to mention that all these magazines are NOT franchisee oriented. I mean these magazines are for franchise professionals. If you're looking to buy a franchise, you won't find much information in there. To answer your question, getting published in Franchise Times was fairly easy. I don't want to brag too much but I think I am known in the franchise industry. I was the marketing guy at Franchise.com for a few years before joining my new company, the World Franchising Network. So people know me and I have a very good relationship with Nancy Weingartner, the Managing Editor at Franchise Times. I was talking with her at the last Franchise Expo South in Miami and she mentioned she'd like me to be profiled. I was like "ok, sure!". I like this franchise executive profile thing in Franchise Times as it is rarely BS. People are usually really natural in there.[/quote:1d29sdv1] Thanks for the follow up Sebastien! And I can't say that I'm surprised that networking with the right people and managing your relationships with them properly are the keys to being published. I guess the old adage holds true of "it's not who you know, but who knows you" that's important.
how much for a franchise fee? - Dear Colleague There is no easy answer to this question. Things to consider: [list=] The sizeof the Franchise Clent base Expected Turnover Intellectual Property costs (recoup) Number of Franchises Number of employees Original Set up costs Franchise admin costs An example: A franchise that I was involved in setting was to a simple "lawn mowing/home repair" franchise. The Franchise included national/local advertising - preparation of client lists - general admin - central accounting etc The Franchise involved 300-500 clients - and an annual turnover of about $300,000 . The annual franchise fee was $30,000. Hope that this gives you some idea Take care Ian[/list]
Re: Franchise Surveys - Another good tool to researching a franchise is to speak with their existing franchisees. This contact information is included in most Franchise Disclosure Documents. In order to get a Franchise Disclosure Document or FDD as it is often referred to, you will have to complete a basic franchise application. The franchisor will then usually provide you with the FDD at that time. Included in that book of information is a list of the existing franchisees, the contract, the investment information etc... This information is required by Federal Law to be disclosed to your prior to making a purchase. So be sure to do your research and start with the Franchise Documents to get the initial information.
Re: Info for would be franchisers... - [quote="Sebastien":2gam0klq][quote="BuzzAroundBooks":2gam0klq]Like Franchise Times, Franchise Update is a very practical magazine. There is no blah blah, just straight facts that anyone in the franchise community can relate to.[/quote:2gam0klq][/quote:2gam0klq] That is really what I look for in any industry publication. We lead busy lives and when people fill their magazines with fluff, not only does it benefit no one, but it makes us truly appreciate those that don't. Thanks!


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