Buying a Franchise | A Small Business Start Up Franchising Primer Guide for Franchise Development Beginners
Buying a Franchise | A Small Business Start Up Franchising Primer Guide for Franchise Development Beginners
Investing in your future requires planning and honesty. Begin to think ownership thoughts as soon as possible and act accordingly. Design Build your idea with the end in sight. In other words determine your goals and where you desire to end up and plan to build to that end.
This is not an easy process and will take time. This checklist of activities will help you to stay focused on your target. Do not leave anything out or take any shortcuts.
Assess your strengths and challenges. You need to believe in yourself
Complete a personality profile analysis to affirm your character traits and business ownership suitability
Determine what it is that you really enjoy doing. You will be in business for a long time.
Articulate your enjoyment into a concept
Do you want a job or a business? A Business or a Practice?
Create a feasibility study that includes the strengths, weaknesses, opportunities and threats to your idea.
Research the market for need and competitors.
Determine the size of the market space for your idea
Approach franchisors directly for information
Create a spreadsheet with costs, benefits and value plus or minus
Count your money-prepare a personal financial statement
Order your credit reports and assess for accuracy
Speak with lenders to determine your available line of credit
Collateral pledge to lender - are you ready for this commitment?
Prepare a complete business plan – this will help you narrow down your choices
Select the concept and refine your business plan based upon conversations with franchisees
Prepare for the worst situations not the most optimal
Look for the Exit – in case of need
Continue to assess and listen carefully to the market
Finalize your decision and move to the operational side of the business.
Planning will take a substantial amount of time and effort, but it will be worthwhile.
Copyright© 2008 Paul M. Roesch
Buying a Franchise A Small Business Start Up Franchising Primer Guide for Franchise Development Beginners - To learn more about this author, visit Paul Roesch's Website.
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There are key components involved with buying a franchise and starting a business. The journey begins with a mind set that you will not be buying anything but rather investing in yourself with a concept to help achieve your goals. Eliminate the word “buy” and replace it with “invest”. This fundamental step must be your guiding light through your due diligence process.
Investing in your future requires planning and honesty. Begin to think ownership thoughts as soon as possible and act accordingly. Design Build your idea with the end in sight. In other words determine your goals and where you desire to end up and plan to build to that end.
This is not an easy process and will take time. This checklist of activities will help you to stay focused on your target. Do not leave anything out or take any shortcuts.
Assess your strengths and challenges. You need to believe in yourself
Complete a personality profile analysis to affirm your character traits and business ownership suitability
Determine what it is that you really enjoy doing. You will be in business for a long time.
Articulate your enjoyment into a concept
Do you want a job or a business? A Business or a Practice?
Create a feasibility study that includes the strengths, weaknesses, opportunities and threats to your idea.
Research the market for need and competitors.
Determine the size of the market space for your idea
Approach franchisors directly for information
Create a spreadsheet with costs, benefits and value plus or minus
Count your money-prepare a personal financial statement
Order your credit reports and assess for accuracy
Speak with lenders to determine your available line of credit
Collateral pledge to lender - are you ready for this commitment?
Prepare a complete business plan – this will help you narrow down your choices
Select the concept and refine your business plan based upon conversations with franchisees
Prepare for the worst situations not the most optimal
Look for the Exit – in case of need
Continue to assess and listen carefully to the market
Finalize your decision and move to the operational side of the business.
Planning will take a substantial amount of time and effort, but it will be worthwhile.
Copyright© 2008 Paul M. Roesch
Buying a Franchise A Small Business Start Up Franchising Primer Guide for Franchise Development Beginners - To learn more about this author, visit Paul Roesch'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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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 |
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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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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens'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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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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