Starting out on your own, Should you “go it alone”, or select a franchise?
Starting out on your own, Should you “go it alone”, or select a franchise?
The motivation varies quite a bit from person to person, but common reasons include: The need to escape a grueling schedule, workload, commute, an over-bearing boss, or just the need to feel more appreciated and to have one's rewards more closely coupled with the amount of effort put in.
When I started my own business many years ago, the motivation was pure and simple. I was excited by an interesting technology that produced a novel product which I felt had a ready market in the community in where I lived.
I chose a fairly tough road though, for I had technical R&D to do, production processes to work out, suppliers to source, packaging to design and hardest of all, I had to introduce a brand new product into a market that hadn't seen anything quite like it before.
After years of hard work I found myself so busy that I hardly had time to breathe and, in the surest sign of all that I was becoming successful, competitors started entering the market and copying almost everything I had done.
Although I don't regret any of it, I often wonder if taking the hard road really is the best option. There are, after all, literally thousands of successful business models out there in the form of franchises, which can be replicated successfully by doing little more than following a written set of instructions and with the added benefit of a personal coach being on hand to answer questions and help you out of difficulty, if needed.
Oh, did I mention that you will still have to work hard? But not many of us are frightened about that, especially if it is in your own business.
Franchises or franchise-like businesses are everywhere. In fact franchising is growing at such an increasingly rapid rate that it is easy to suggest that the take-up rate of new franchises will one day exceed that of non-franchise businesses.
The Benefits of Franchising
For the would-be new business owner this produces a whole new set of problems. There are so many franchises available, how do you select one? Is it best to go with the tried-and-true - the big names that everybody knows, like McDonald's and Subway? Or are you better off hitching your fortunes to a new concept, which usually will have far more manageble investment requirements.
It is not an easy decision, but one which you must take with the utmost care. Your savings from your past efforts and the future of you and your family are at stake here. Tread carefully.
Finding a Suitable Franchise
What is the best way to find a franchise? Contrary to what you might think, using the search engines is not really the best. You are going to be overloaded with too much choice and too much repetition.
You are far better off visiting one of the many web portals that organize franchise opportunities in a systematic way. In many of them you will be able to search by the investment amount required, the market they operate in and whether they are home-based or not. Then, rather than contacting all of the franchisors individually, you can fill-in your contact details once only on the web portal, which will then pass on your request to the franchisors for them to contact you, or send you free information packs.
Selecting a web portal to use isn't as hard as selecting a franchise, but be aware that some portals only list franchises that have paid for advertising and so the choice they are presenting may be limited and skewed by self-interest..
So good luck in your search and please investigate as many franchisors as you possibly can before making a decision. The importance of finding one that best suits your capabilities, ambitions, budget and lifestyle can't be over-stated.
Starting out on your own Should you go it alone or select a franchise - To learn more about this author, visit Michael Tunstill's Website.
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It happens to nearly everyone at some point in their life: The desire to start a business of their own.
The motivation varies quite a bit from person to person, but common reasons include: The need to escape a grueling schedule, workload, commute, an over-bearing boss, or just the need to feel more appreciated and to have one's rewards more closely coupled with the amount of effort put in.
When I started my own business many years ago, the motivation was pure and simple. I was excited by an interesting technology that produced a novel product which I felt had a ready market in the community in where I lived.
I chose a fairly tough road though, for I had technical R&D to do, production processes to work out, suppliers to source, packaging to design and hardest of all, I had to introduce a brand new product into a market that hadn't seen anything quite like it before.
After years of hard work I found myself so busy that I hardly had time to breathe and, in the surest sign of all that I was becoming successful, competitors started entering the market and copying almost everything I had done.
Although I don't regret any of it, I often wonder if taking the hard road really is the best option. There are, after all, literally thousands of successful business models out there in the form of franchises, which can be replicated successfully by doing little more than following a written set of instructions and with the added benefit of a personal coach being on hand to answer questions and help you out of difficulty, if needed.
Oh, did I mention that you will still have to work hard? But not many of us are frightened about that, especially if it is in your own business.
Franchises or franchise-like businesses are everywhere. In fact franchising is growing at such an increasingly rapid rate that it is easy to suggest that the take-up rate of new franchises will one day exceed that of non-franchise businesses.
The Benefits of Franchising
For the would-be new business owner this produces a whole new set of problems. There are so many franchises available, how do you select one? Is it best to go with the tried-and-true - the big names that everybody knows, like McDonald's and Subway? Or are you better off hitching your fortunes to a new concept, which usually will have far more manageble investment requirements.
It is not an easy decision, but one which you must take with the utmost care. Your savings from your past efforts and the future of you and your family are at stake here. Tread carefully.
Finding a Suitable Franchise
What is the best way to find a franchise? Contrary to what you might think, using the search engines is not really the best. You are going to be overloaded with too much choice and too much repetition.
You are far better off visiting one of the many web portals that organize franchise opportunities in a systematic way. In many of them you will be able to search by the investment amount required, the market they operate in and whether they are home-based or not. Then, rather than contacting all of the franchisors individually, you can fill-in your contact details once only on the web portal, which will then pass on your request to the franchisors for them to contact you, or send you free information packs.
Selecting a web portal to use isn't as hard as selecting a franchise, but be aware that some portals only list franchises that have paid for advertising and so the choice they are presenting may be limited and skewed by self-interest..
So good luck in your search and please investigate as many franchisors as you possibly can before making a decision. The importance of finding one that best suits your capabilities, ambitions, budget and lifestyle can't be over-stated.
Starting out on your own Should you go it alone or select a franchise - To learn more about this author, visit Michael Tunstill'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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