Which Franchise is right for you How do you choose
Which Franchise is right for you How do you choose
Choosing a franchise that is right for you is one of the best actions you can take to ensure your business’s success.
If you’ve already decided to buy into a franchise, the next step is to determine what franchise you want to buy. There are many different kinds of franchises, ranging from computer repair providers to video rental outlets to restaurants and everything in between. Before you start a franchise, you’ll have to decide what kind you want. A lot of thought and deliberation has to go into your decision, as choosing the right business for you can make or break your chances at success.
1. What do you love to do? Unlike starting an original business where you can decide everything, a franchise comes with a pre-made, turn-key operation. This means the product or service you are going to sell is already decided for you. Selling something you absolutely hate is a sure way to meet with failure. On the other hand, if you already love something and find a franchise that sells it, you may have found your road to success.
2. How much profit? Even if you love a product or business, if the franchise isn’t going to make you enough money, you’re not going to be very happy. If you stand to make a much larger profit with a product you aren’t excited about, you’ll have to decide which franchise is more appealing to you. Making a lot of money doing something you hate may not be worth it to you. On the other hand, doing what you love and barely being able to get by isn’t exactly an appealing option either.
3. How much can you invest? Starting a business costs money, and franchises often cost a lot more than an independent. You’ll have to have a good idea of how much funding you can secure before you decide upon a franchise. If a certain franchise opportunity is outside your price-range, you’ll have to reconsider your choice.
4. How much help do you need? Along with product and name recognition differences, franchises offer different levels of support. Some are very active helping their customers, while others have less support to give. You want to find a franchise that matches your needs. If you are new to the world of business, a franchise with a lot of support will be better than one that isn’t able to offer you much. On the other hand, if you are an experienced business owner, you’ll have a wider range of franchises to choose from.
5. How established is the franchise? Some new franchises offer its owners a great opportunity: being the first one on the block to own the business. There is more risk with new franchises, but also more opportunity. Established franchises, on the other hand, usually have a more established customer base to draw upon. They also may be their own worst competition. If a market is already saturated with the same franchise competitors, you may find the going a little tougher securing a piece of the pie.
Which Franchise is right for you How do you choose - To learn more about this author, visit Ian Macleod's Website.
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HOW TO CHOOSE A FRANCHISE?
Choosing a franchise that is right for you is one of the best actions you can take to ensure your business’s success.
If you’ve already decided to buy into a franchise, the next step is to determine what franchise you want to buy. There are many different kinds of franchises, ranging from computer repair providers to video rental outlets to restaurants and everything in between. Before you start a franchise, you’ll have to decide what kind you want. A lot of thought and deliberation has to go into your decision, as choosing the right business for you can make or break your chances at success.
1. What do you love to do? Unlike starting an original business where you can decide everything, a franchise comes with a pre-made, turn-key operation. This means the product or service you are going to sell is already decided for you. Selling something you absolutely hate is a sure way to meet with failure. On the other hand, if you already love something and find a franchise that sells it, you may have found your road to success.
2. How much profit? Even if you love a product or business, if the franchise isn’t going to make you enough money, you’re not going to be very happy. If you stand to make a much larger profit with a product you aren’t excited about, you’ll have to decide which franchise is more appealing to you. Making a lot of money doing something you hate may not be worth it to you. On the other hand, doing what you love and barely being able to get by isn’t exactly an appealing option either.
3. How much can you invest? Starting a business costs money, and franchises often cost a lot more than an independent. You’ll have to have a good idea of how much funding you can secure before you decide upon a franchise. If a certain franchise opportunity is outside your price-range, you’ll have to reconsider your choice.
4. How much help do you need? Along with product and name recognition differences, franchises offer different levels of support. Some are very active helping their customers, while others have less support to give. You want to find a franchise that matches your needs. If you are new to the world of business, a franchise with a lot of support will be better than one that isn’t able to offer you much. On the other hand, if you are an experienced business owner, you’ll have a wider range of franchises to choose from.
5. How established is the franchise? Some new franchises offer its owners a great opportunity: being the first one on the block to own the business. There is more risk with new franchises, but also more opportunity. Established franchises, on the other hand, usually have a more established customer base to draw upon. They also may be their own worst competition. If a market is already saturated with the same franchise competitors, you may find the going a little tougher securing a piece of the pie.
Which Franchise is right for you How do you choose - To learn more about this author, visit Ian Macleod'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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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 |
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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 |
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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 |
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