Is Franchising Scary?
Financial: If the cost of the franchise development program may put the business at risk without franchise sales, or if the reason to franchise is to “save” a struggling business, perhaps the decision to franchise should be postponed.
Otherwise, the cost of a franchise development program is not normally excessive for successful businesses. Starting a franchise program is much less costly than expanding to a new city or starting a new department. The start-up costs are manageable, and fixed overhead is minimal. Most franchisors will recover the initial franchise set-up costs when they sell just one or two franchises, and will then generate income, oftentimes substantial income.
Franchisees: One of the purposes of the Franchise Disclosure Document (FDD) is to provide the franchisee with enough information to be able to make an informed decision about buying the franchise. If the FDD is clearly and properly written and followed, misunderstandings by franchisees will be minimized, and thus potential franchisee problems can be reduced.
Summary: Operating any business has certain concerns, and franchising does not necessarily increase those concerns. Business owners take on some risk when they sign leases, hire employees, and operate a business. But business risks can usually be managed with good planning and decisions. Franchising can be a very desirable business decision because it provides a new profit area.
When developed in an orderly and proper manner, franchising offers an outstanding opportunity for growth and income. We do not believe that becoming a franchisor involves much more risk than any other business activity, and that it should not be considered as scary. The challenges can be considered to be small compared to the income potential.
More information can be found at: www.biltmorefranchise.com
Is Franchising Scary - To learn more about this author, visit John Power'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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