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Getting a Franchise Started

Written by: Sebastien Page

Article Overview: These are simple examples of what franchises are; businesses that offer you the advantage of belonging to an already established and recognized brand name, while maintaining the ability to run your own business.

Getting a Franchise Started

Getting to know what a franchise is

While driving down the street or talking a short walk, you’ll pass many franchises if you keep an open eye. For example, you may feel like getting yourself a cup of coffee from Starbucks and then maybe pick up some dinner on the way home, from Pizza Hut. These are simple examples of what franchises are; businesses that offer you the advantage of belonging to an already established and recognized brand name, while maintaining the ability to run your own business.

Franchising may seem like a complicated concept to grasp, which can be initially intimidating. However, many people these days have turned to franchising as a way to take control of their lives and leave their 9 to 5 cubicles behind. Meeting other franchisees and business experts is easy if you know where to look. Checking out the nearest trade fairs and seminars will reward you with a wealth of knowledge regarding the different franchising opportunities available. It will also help you determine whether you’re ready to take the plunge into franchising or not.

Your selection of the right franchise is essential to your success in the future. Choose the franchise company you which to become a part of carefully and don’t hesitate to seek advice from those with expertise in the business. While becoming a franchisee may feel liberating in regards to running your business and promoting it, there are still rules, guidelines and contractual obligations you must be keen on observing.

Seek a network of individuals with similar interests and goals, like a business club, for example. Expand your contact database and look for help and support wherever they’re available. Setting a bulletproof business plan, carefully balancing your budget and maybe even a small grant will all be of benefit to you when starting your own business.

With the right tools and knowledge, starting your franchise may not be as hard or as intimidating as you might assume. In fact, it might not be too long before you decide to expand your business into a multi-franchise!

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Article Tags: brand name, business club, business experts, business plan, contractual obligations, cubicles, cup of coffee, franchise company, franchisee, franchisees, franchises, franchising opportunities, open eye, pizza hut, plunge, right tools, starbucks, starting your own business, trade fairs, wealth of knowledge



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: What or Who Sparks Your Business Interest - Hi This is really a great thread. For me it was always wanting to be responsible for myself without anyone have the power to make my decisions for me. I have also done many different things in my life. Started as a hairdresser and did that for 20 years, some of them working from home (which was good when my children were young and needed me around). Then worked as a bookkeeper and then a credit manager in a video distribution company for 18 years. Loved the job but hated having to answer to a boss. In between joined an MLM company selling health and weight loss products and then became a bookkeeper again but working for myself with my own clients. Started internet marketing and this I truly love. I can work the hours that suit me and it's totally up to me to do the work if I want to succeed. MichelleJ
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.


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