Is Franchising For Me 15 Questions to Ask Yourself
Is Franchising For Me 15 Questions to Ask Yourself
1. Can you take direction from others? This can be difficult for some entrepreneurs.
2. Are you willing to learn (and relearn) how to run a business?
3. Do you work well with a team?
4. Can you be both the leader of your own business and a fellow colleague of the brand as a whole?
5. Are you aware that you most likely cannot change the franchise according to your own market once you sign the franchise agreement? If you think you would have difficulty dealing with a contract that will control most aspects of your business -- down to the color of the restroom tiles -- you may consider opening up your own small business rather than purchasing a franchise.
6. Are you willing to work with the advertising, marketing, and promotional material supplied to you by the franchisor - even if you think you could come up with something better?
7. Do you have the personal drive to start up and run a business? Even at 70 hours per week?
8. Can you procure the necessary capital resources to support yourself and your family through the ups and downs of starting a new business?
9. Are you comfortable both hiring and firing people?
10. Are you prepared to accept required monthly financial reporting to the franchisor?
11. Have you discussed the sacrifices that would be required of you with your family?
12. Is your family in agreement with your decision to start a franchise?
13. Are you comfortable with the loss of company benefits such as health care, retirement, vacation or sick leave?
14. Are you in good health?
15. Do you ready to accept responsibility for your financial success?
If you answered Yes to most or all of these questions, buying a franchise might be a great idea for you. Franchising has an excellent track record of success, however it is not the right choice for everyone.
Is Franchising For Me 15 Questions to Ask Yourself - To learn more about this author, visit Bob Richman's Website.
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Franchising is a great business model, but it's not necessarily right for everyone. These questions will help you think about some of the challenges surrounding being a franchisee.
1. Can you take direction from others? This can be difficult for some entrepreneurs.
2. Are you willing to learn (and relearn) how to run a business?
3. Do you work well with a team?
4. Can you be both the leader of your own business and a fellow colleague of the brand as a whole?
5. Are you aware that you most likely cannot change the franchise according to your own market once you sign the franchise agreement? If you think you would have difficulty dealing with a contract that will control most aspects of your business -- down to the color of the restroom tiles -- you may consider opening up your own small business rather than purchasing a franchise.
6. Are you willing to work with the advertising, marketing, and promotional material supplied to you by the franchisor - even if you think you could come up with something better?
7. Do you have the personal drive to start up and run a business? Even at 70 hours per week?
8. Can you procure the necessary capital resources to support yourself and your family through the ups and downs of starting a new business?
9. Are you comfortable both hiring and firing people?
10. Are you prepared to accept required monthly financial reporting to the franchisor?
11. Have you discussed the sacrifices that would be required of you with your family?
12. Is your family in agreement with your decision to start a franchise?
13. Are you comfortable with the loss of company benefits such as health care, retirement, vacation or sick leave?
14. Are you in good health?
15. Do you ready to accept responsibility for your financial success?
If you answered Yes to most or all of these questions, buying a franchise might be a great idea for you. Franchising has an excellent track record of success, however it is not the right choice for everyone.
Is Franchising For Me 15 Questions to Ask Yourself - To learn more about this author, visit Bob Richman'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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