Seven Questions to Ask when Starting a Franchise
Buying the rights to a franchise is an exciting and nerve racking process. It isn't everyday that you decide to uproot the life that you currently know and are accustomed to and start your own business. When you are thinking about buying into a franchise business, first ask yourself these questions that will help you make an informed and strategic decision:
1. What do you love doing? - This is the most important question to ask yourself. You need to get involved with a franchise that will allow you to do the things you love or you will not enjoy your new career move. Enjoying yourself means you will work harder and grow your business at a higher rate.
2. How much does the franchise cost? - Make sure you research how much the buy-in is, how much land property will cost, what your overhead will be and all the other franchise fees you will have to pay.
3. How much do you have to invest? - You may see several franchises that you would like to invest in, but if they are way over your available budget to invest, you have to know when to back away. There are plenty of franchises out there and it doesn't make any sense to start out your business by investing more than you'll be able to pay back.
4. What are the profit chances? - Is the business recession resistant? If not, you could end up failing quickly and be out a lot of time and money. Make sure the business has the chance to be profitable.
5. What does the market look like for the franchise? - This question goes along with the profit chances of the business. If you are opening a business in a market that is saturated with or not looking for the service you want to offer, your business will fail.
6. How established is the franchise? - Make sure the franchise has a good system in place to help you along your journey in the franchise industry. Remember, you can be in business for yourself, but not by yourself.
7. Have you done your research? - Check out the history of the franchise and the number of franchises around the country. Call some of the franchisees and talk to them about their experience with the franchise. This is the best first-hand account you'll be able to get, so you need to take advantage.
Seven Questions to Ask when Starting a Franchise - To learn more about this author, visit Doug Schadle'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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Doug Schadle Video - Rhino 7 Franchise Development CEO Doug Schadle discusses how you can use your 401K to take control of your life and start your own franchise. For more information, visit www.r7fdc.com.
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