Tweet

A Research Report: Good Reasons for Buying a Franchise Business

Written by: Sebastien Page

Article Overview: A question asked to a panel of entrepreneurs was : Did you eventually get bored of being someone else’s employee? Were you thinking of starting your own business that was successful without requiring starting it from scratch?

A Research Report: Good Reasons for Buying a Franchise Business

A question asked to a panel of entrepreneurs was : Did you eventually get bored of being someone else’s employee? Were you thinking of starting your own business that was successful without requiring starting it from scratch? The logical choice for any potential entrepreneur who answered these questions ‘yes’ was buying a franchise. This is because there are quite a few advantages to come out of such a business venture:

- The enjoyment and satisfaction of owning your business and essentially being your own boss.
- Aside from royalties, all profits will end up in your pocket with no one else to share them with.
- You decide your own working hours
- Overhead costs are significantly reduced
- Choosing a franchise to buy will with the help of your business skills and talents, become a profitable investment for your future.
- The International Franchise Association indicates that employees of the franchising business are in excess of 8 million people. This means that about one retail business in a dozen is actually a franchised business.

It’s easy to find out which franchises are killing the competition in the market these days, between fast food joints like Taco Bell to cosmetic centers like Supercuts. This should narrow down your choices when choosing which franchise to become part of.

Overall, when it comes to going into business for yourself, buying a franchise is a lot more profitable and a much more secure investment than starting a brand new business from scratch. For one, the franchiser’s brand name established and trustworthy in addition to the fact that the products or services of this franchiser already have their place in the marketplace. Therefore, there’s a lot of bumps on the road any budding business faces, which you can avoid provided you manage your business well. Under these conditions, it’ll be very hard not to make a profit.
Research indicates that a new entrepreneur has a much better shot at success when equipped with the advice provided by more experienced individuals in the franchise world, so never neglect to seek such advice.

Related Articles
  Why Use a Franchise Consultant?
  How to Purchase a Franchise that is Right for You
  Buying A Franchise
  Seven Questions to Ask when Starting a Franchise
  Are You a Potential Franchisee

Article Tags: being your own boss, business skills, business venture, buying a franchise, cosmetic centers, fast food, food joints, franchiser, franchising business, international franchise association, logical choice, new business, overhead costs, profit research, profitable investment, retail business, royalties, starting your own business, supercuts, taco bell



Related Forum Posts
Exclusive: Interview with Results - Hi Forum Members, I'm helping start up a Business Coaching and Consulting company here in Toronto, Ontario, Canada (a Subsidiary of RSC Business in Los Angeles). As a Research and Development Intern I am required to practice my listening and interview skills by surveying Small and Medium Businesses on thier Business. This Survey is designed by RSC Business to also assist the Business being interviewed more insight into their own business. I am looking to interview about 30 businesses across North America over the span of 3 months. At the end of these interviews I will be publishing a report of the results and they will be made available for free to the Interviewees. The Report data will include responses from a minimum of 100 interviews. I would like to extend this opportunity to members of the Forum. If you would like to have this short 20-30 minute interview conducted on your Business and you reside in North America please send me an email or PM. Please contact me at andy[at]jvprosperity[dot]com to arrange our interview and to get free access to the results when they are published.
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]
Fed rate cuts . . . - So just what do the newest Fed rate cuts mean to Franchise and Business Opportunity investing? Is it immediately felt? What timeframe do you think, or rather, where are we in terms of new vs. existing business investment? A similar question can be composed for the economic stimulus checks - will they a have any effect if consumers spend a little $$


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

SEO – Link Building Secrets

2011 Global Brand Trends Letter

Severance and Separation Agreements

Suggestions

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.