Tweet

Before Venturing into the World of Franchise

Written by: Sebastien Page

Article Overview: An excellent way to give you the benefits of both being part of a reputable brand name and spending a lot less on advertising, is becoming part of a franchise.

Before Venturing into the World of Franchise

An excellent way to give you the benefits of both being part of a reputable brand name and spending a lot less on advertising, is becoming part of a franchise. The choices are many and variable, so you should have certain requirements and goals in mind before venturing into a franchise:

Make Sure Your Family’s Behind You :
Having the support of your family is always an advantage in any business venture. The franchise business is no exception. The simplest displays of support, like visiting your business quarters for example, can greatly boost your confidence and help you maintain the willpower to continue working for your goals. Having supportive family members who are willing to help you out at work, in case you’re ill or you need to travel, is invaluable to say the least.

Understand Your Strengths and Weaknesses :
You should not simply look at a franchise as your shot at starting a business for the first time. It would be much more beneficial to you on the long run, if you are already aware of any skills or talents you possess that are suitable for the franchise, instead of regretting your decisions later on. You could even try taking some personality or aptitude tests to determine your suitability for such a business venture.

Protect Your Franchise’s Uniqueness :
Take advantage of the laws that enable you to protect the product of your hard work and intellect, which will later on spare you a great deal of trouble.

Know Your Market :
A franchise’s quality may have difficulty shining through in certain markets but it may reach its full potential in others. That is why it is essential that you learn as much as possible about the demographics of the market research carried out by the franchise company and take full advantage of this research and its results.

Competition is a Good Thing:
Never become involved in a franchise that seems to completely lack any notable competitors in the market or doesn’t belong to a recognizable industry. It’s a completely different matter however, if you are actually looking to gain first-mover advantage or becoming a major franchiser. If you fail to keep this in mind, the market may take quite some time to warm up to your franchise and this may result in failure to reimburse the investment put into this franchise, within the predetermined business timeframe.

Get Legal Expertise:
Keep yourself covered at all times by acquiring legal help. A legal expert will help you through the ins and outs of contractual obligations and will help you avoid falling into any legal traps which may stem from unintended violation of some terms you may have agreed to. After all, you don’t want to end up being involved in unnecessary litigation or have to end up paying unexpected fines.

Seek Other Contracts:
While the owner of your chosen franchise may provide you with an extended list of contacts, don’t simply depend on that. Seek out new contacts and add them to the database, to help you and others in the future.

Creative Promotion:
If you’ve bought a franchise, don’t use this as an excuse to lose your competitive edge and creativity. Explore new ways by which you can promote your franchise and try to take advantage of as many media outlets as possible to do so. However, you should always keep in mind that you’re part of the team and that the franchise owner has the right to be informed of your efforts and give you approval beforehand.

Cooperation Leads to Successful Promotion:
Cooperate with the owner of your franchise for better promotion by working together at various industry events. A newsletter created by you and maintained by your hard work and dedication can be of great help in benefiting the franchise and improving it.

Related Articles
  Franchising with all its Success
  About 60% of all franchise opportunities have less than 50 units.
  Why Use a Franchise Consultant?
  Why Franchises are Good Investments
  Did you know: NIIT Franchise was present in Malaysia in 1997?

Article Tags: aptitude tests, brand name, business quarters, business venture, choices, confidence, decisions, demographics, franchise business, franchise company, intellect, market research, personality, reputable brand, strengths and weaknesses, suitability, supportive family members, talents, uniqueness, willpower



Related Forum Posts
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.
Re: Enticing Franchises - Top 9 List - All Franchise listed above are in millions of dollars. Do you have the list of Franchise in thousands
Name for website - Hmmmm Authors World Authors Network Authors World Wide Weblog World Wide Authors Arboretum (or some other alliterative word) WritertoWriter Writer to Reader WritersWorld WritersConnect AuthorsandtheirReadersBlog
Re: Info for would be franchisers... - [quote="theFranchiseMarket":3lb4fj39]We subscribe to Franchise Times as well . . . its really a pretty good read and the information seems fresh and direct, without hardly ever being forced, and the advertising unobtrusive in comparison to the content . . . something that is becoming harder to find these days in this industry . . .[/quote:3lb4fj39] Do you read Franchising World, the IFA publication? If so, what do you think of it?
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]


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

Live To Work Or Work To Live?

You Have A Website What Now

Sales Training – Top Salespeople Are Not Dunces

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.