How to Buy a Franchise – Step 1
How to Buy a Franchise – Step 1
The simple answer is that you start with you. Before you even begin looking at franchises, you need to do a thorough self-evaluation of your own business style, strengths and challenges. So find a quiet place, get out paper and pen, and as objectively as possible answer the following questions. (And don’t worry; unlike the quiz in Cosmo, “Are you a good friend?” there are no wrong answers!)
WHAT’S YOUR PERSONAL BUSINESS STYLE?
• What part of your current and past jobs have you liked doing the most?
• Do you like working with the public or would you rather be involved in a B2B company, helping other businesses to grow?
• Are you an outgoing, people person or do you prefer to be behind the scene, managing the business?
• Are you willing to ask for help when you need it? One of the benefits of franchising is the ongoing support you will receive but it will do you no good unless you use it.
• Describe the work environment that most appeals to you.
• Are you status conscious? Does it matter to you what the product or service of the franchise is or does the business potential matter more?
WHAT ARE YOUR SKILLS / STRENGTHS?
• List your skills and evaluate how well you perform each.
• How do you feel about sales and marketing? These skills are most often on a franchisor’s list of desired attributes in a potential franchisee.
• Are you good a networking? In many cases, a franchise owner’s role will be to make community connections by joining civic organizations and networking with various groups.
WHAT DO YOU SEE AS YOUR CHALLENGES?
• What part of your current and past jobs have you liked doing the least?
• List your weaknesses, those things you would not want to do or would want to hire someone else to do in a business.
WHAT EXPERIENCE DO YOU HAVE IN EMPLOYEE MANAGEMENT?
• Do you have experience managing employees? Did you enjoy it?
• Are you comfortable recruiting employees?
• Do you have the experience and skill needed to create a work environment that will allow you to retain employees?
WHAT IS YOUR FINANCIAL PROFILE?
• How much capital do you have to invest?
• Can you afford to do without a regular income during the start up phase of your new business?
• What are your financial goals?
• How do you see your lifestyle changing as a result of meeting your financial goals?
• How do you feel about taking the risk of becoming self-employed?
ARE YOU A TEAM PLAYER?
• Franchising is all about following someone else’s system. Can you picture yourself in this role, executing a system you didn’t create?
Once you have answered these questions, you’ll begin to see a clearer picture of what talents you can bring to a franchise business and what you expect to receive in return. Do you see yourself managing a string of dry cleaning franchises and vacationing in Tahiti? Or, would your perfect opportunity be to own a mall-based tax preparation service where you could mingle with your customers and have lots of free time to spend with your family?
The next step is to start looking at opportunities and evaluating them based on your answers. It may take some effort to find the right franchise so don’t feel that you need to compromise. Just like jeans, franchise opportunities come in many shapes and sizes and you never need to settle for one that is just not a great fit. Choosing the franchise opportunity that best matches your needs, interests and style is your greatest assurance of happiness and success as a business owner.
How to Buy a Franchise Step 1 - To learn more about this author, visit Kim Ellis's Website.
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You’ve thought about it for years and you’re finally ready to make the leap into business ownership. It’s time to be your own boss, to be the one in charge of your financial future – your destiny. Because you are a smart woman, you want to avoid making mistakes along the way. You have so many questions: Will you be happy as a franchisee? Can you make the money you need to provide for yourself and your future? What kind of franchise would be best? Where do you even start, with thousands of franchise opportunities available?
The simple answer is that you start with you. Before you even begin looking at franchises, you need to do a thorough self-evaluation of your own business style, strengths and challenges. So find a quiet place, get out paper and pen, and as objectively as possible answer the following questions. (And don’t worry; unlike the quiz in Cosmo, “Are you a good friend?” there are no wrong answers!)
WHAT’S YOUR PERSONAL BUSINESS STYLE?
• What part of your current and past jobs have you liked doing the most?
• Do you like working with the public or would you rather be involved in a B2B company, helping other businesses to grow?
• Are you an outgoing, people person or do you prefer to be behind the scene, managing the business?
• Are you willing to ask for help when you need it? One of the benefits of franchising is the ongoing support you will receive but it will do you no good unless you use it.
• Describe the work environment that most appeals to you.
• Are you status conscious? Does it matter to you what the product or service of the franchise is or does the business potential matter more?
WHAT ARE YOUR SKILLS / STRENGTHS?
• List your skills and evaluate how well you perform each.
• How do you feel about sales and marketing? These skills are most often on a franchisor’s list of desired attributes in a potential franchisee.
• Are you good a networking? In many cases, a franchise owner’s role will be to make community connections by joining civic organizations and networking with various groups.
WHAT DO YOU SEE AS YOUR CHALLENGES?
• What part of your current and past jobs have you liked doing the least?
• List your weaknesses, those things you would not want to do or would want to hire someone else to do in a business.
WHAT EXPERIENCE DO YOU HAVE IN EMPLOYEE MANAGEMENT?
• Do you have experience managing employees? Did you enjoy it?
• Are you comfortable recruiting employees?
• Do you have the experience and skill needed to create a work environment that will allow you to retain employees?
WHAT IS YOUR FINANCIAL PROFILE?
• How much capital do you have to invest?
• Can you afford to do without a regular income during the start up phase of your new business?
• What are your financial goals?
• How do you see your lifestyle changing as a result of meeting your financial goals?
• How do you feel about taking the risk of becoming self-employed?
ARE YOU A TEAM PLAYER?
• Franchising is all about following someone else’s system. Can you picture yourself in this role, executing a system you didn’t create?
Once you have answered these questions, you’ll begin to see a clearer picture of what talents you can bring to a franchise business and what you expect to receive in return. Do you see yourself managing a string of dry cleaning franchises and vacationing in Tahiti? Or, would your perfect opportunity be to own a mall-based tax preparation service where you could mingle with your customers and have lots of free time to spend with your family?
The next step is to start looking at opportunities and evaluating them based on your answers. It may take some effort to find the right franchise so don’t feel that you need to compromise. Just like jeans, franchise opportunities come in many shapes and sizes and you never need to settle for one that is just not a great fit. Choosing the franchise opportunity that best matches your needs, interests and style is your greatest assurance of happiness and success as a business owner.
How to Buy a Franchise Step 1 - To learn more about this author, visit Kim Ellis's Website.
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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 |
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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 |
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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 |
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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 |
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