Is Buying into a Franchise right for you
Is Buying into a Franchise right for you
4 Questions you need to ask before you decide to buy a franchise.
A lot of would-be entrepreneurs spend a lot of time and effort researching what business they want to start. In their search, many consider buying into a franchise. The benefits of franchising can be significant, so even if you aren’t interested in opening a franchise, you should at least take some time to consider it. We’ve come up with a list of questions you need to ask yourself before you decide to take the plunge and buy into a franchise.
1. Are you ready to plan everything down to the last detail? A new, independent business that’s started from the ground up is often the first thing entrepreneurs look at when they want to be their own boss. The very idea of starting a business can be daunting, especially once you do a little research and learn all the varied tasks and responsibilities you’ll have to take on. However, when an entrepreneur buys into a franchise, the vast majority of that work has already been done. Finding a product to sell, establishing your name in the marketplace, securing your supply chain, all of it is already done. For a would-be business owner, this fact alone is often enough for them to start looking seriously at franchises.
2. How much are you willing to risk? Whenever a would-be entrepreneur faces the beginning of their first business enterprise, they can often overwhelmed by the complexities. The planning, financing, marketing, accounting and all the other activities a new business owner has to do is tremendous. Is it any wonder then that the failure rate of new, independent businesses is about 75%? However, when a new business owner decides to start a franchise, that number is flipped on it’s head. Franchises succeed 75% of the time. Having a known product, an already established market and a pre-existing organizational structure backing you up is a tremendous asset, especially for individuals new to business ownership.
3. How sure are you of your product’s or service’s viability? Starting an independent business requires a lot of time and effort. One of the main reasons for this is the time it takes to establish your business and build name recognition and a solid customer base. Even if your product or service is in high-demand, people are much more cautious going to a new business than they are visiting an established one. That’s where a franchise
4. Will anyone be there to help you? Independent business owners are usually exactly that: independent. They go it alone, usually with little more than a family member, partner or cheering section to back them up. When times get tough, an independent business owner has only themselves to rely upon, but a franchise owner has a whole lot more. Not only does the franchise owner begin with established products, markets and customer, but they also have the benefit of the entire franchise structure behind them. The franchiser (the company that sold you the franchise) will already have all the training and procedures worked out before you even start. And when you get into trouble, help is often just a phone-call away. This is one of the primary reasons the franchise model works so well, because all that support allows new franchise buyers to sleep a lot better at night.
Is Buying into a Franchise right for you - To learn more about this author, visit Ian Macleod's Website.
Like this article? Share it with your friends
IS FRANCHISING RIGHT FOR ME?
4 Questions you need to ask before you decide to buy a franchise.
A lot of would-be entrepreneurs spend a lot of time and effort researching what business they want to start. In their search, many consider buying into a franchise. The benefits of franchising can be significant, so even if you aren’t interested in opening a franchise, you should at least take some time to consider it. We’ve come up with a list of questions you need to ask yourself before you decide to take the plunge and buy into a franchise.
1. Are you ready to plan everything down to the last detail? A new, independent business that’s started from the ground up is often the first thing entrepreneurs look at when they want to be their own boss. The very idea of starting a business can be daunting, especially once you do a little research and learn all the varied tasks and responsibilities you’ll have to take on. However, when an entrepreneur buys into a franchise, the vast majority of that work has already been done. Finding a product to sell, establishing your name in the marketplace, securing your supply chain, all of it is already done. For a would-be business owner, this fact alone is often enough for them to start looking seriously at franchises.
2. How much are you willing to risk? Whenever a would-be entrepreneur faces the beginning of their first business enterprise, they can often overwhelmed by the complexities. The planning, financing, marketing, accounting and all the other activities a new business owner has to do is tremendous. Is it any wonder then that the failure rate of new, independent businesses is about 75%? However, when a new business owner decides to start a franchise, that number is flipped on it’s head. Franchises succeed 75% of the time. Having a known product, an already established market and a pre-existing organizational structure backing you up is a tremendous asset, especially for individuals new to business ownership.
3. How sure are you of your product’s or service’s viability? Starting an independent business requires a lot of time and effort. One of the main reasons for this is the time it takes to establish your business and build name recognition and a solid customer base. Even if your product or service is in high-demand, people are much more cautious going to a new business than they are visiting an established one. That’s where a franchise
4. Will anyone be there to help you? Independent business owners are usually exactly that: independent. They go it alone, usually with little more than a family member, partner or cheering section to back them up. When times get tough, an independent business owner has only themselves to rely upon, but a franchise owner has a whole lot more. Not only does the franchise owner begin with established products, markets and customer, but they also have the benefit of the entire franchise structure behind them. The franchiser (the company that sold you the franchise) will already have all the training and procedures worked out before you even start. And when you get into trouble, help is often just a phone-call away. This is one of the primary reasons the franchise model works so well, because all that support allows new franchise buyers to sleep a lot better at night.
Is Buying into a Franchise right for you - To learn more about this author, visit Ian Macleod's Website.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
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 |
|||
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 |
|||
Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
|||
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 |
|||
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 |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to Ian's articles
 | |
|
|  |
 | |
|
| |
 | |||||||
|
 | ||
 |
||
 |
||
|
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 Business and Income Take the Lead Buying 2.0 Elevating Your Business The Evolution Of Networking |
|
 | ||
 |
Choose A PR Topic
Press Release Builder | |
 |
The Top 10 Guy Kawasaki Posts
Best Posts for Entrepreneurs | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
|||||||||
|
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 and Sean Combs!
|
|
|
| ||||||||||||
| ||||||||||||
|
|
||||||||||||