5 Tips to Select the Right Franchise Opportunity
5 Tips to Select the Right Franchise Opportunity
1. Look at the product/service the concept is selling. Is it something that people will always need or something that may become obsolete in coming years? Remember, a franchise agreement generally is for ten years. So, you must consider the long-term demand of the product over immediate profit. For example, computers are an integral part of our society today and will become more important in future. Hence, franchises like 1-800-905-Geek, that offers computer maintenance, will find clients even ten years from now. But video rental stores are already experiencing slow business and may become slower as technology evolves and entertainment becomes more net-based in the future.
2. Consult the present franchisees for an insider’s view of the franchise system. Most top franchises will allow you to interview their franchisees before you buy a franchise from them. If your franchisor is advising not to talk to others except its chosen franchisees, then it is better you think twice about the concept. When you talk to the franchisees, observe their attitude towards the system. Do they sound grumpy or happy? Are they looking for ways to get out of the system or opening another location? Such observations will be very important in deciding how good the system is.
3. Read meticulously the UFOC of the franchise you are considering. Specifically read the litigation section. It will be better if you hire a franchise attorney in this endeavor. According to the new FTC ruling, franchisors will also have to list the litigations started by them against their franchisees. Noticing the nature of the cases closely will help you to understand the franchisor-franchisee relationship of the concept.
4. Just as you are investigating the franchise concept before settling on its franchise business for sale offer, the franchise company too will investigate you. If it’s too eager to close the deal, then chances are that the franchise is more interested in selling a franchise than developing a franchise system! Many such franchise concepts fail later on, because they expanded too fast too soon. Due diligence is very necessary before starting a franchise; it will help you to avoid fraudulent companies.
5. If you find the entire process troublesome, you can contact efficient franchise consultants to ease your work. A competent and professional franchise consultant will pair you with such a franchisor that is perfect for you in every way. But that doesn’t mean you stop investigating; you must analyze the consultant first! He or she should be working for your benefit and not for the benefit of the companies that provide him or her commissions for referring candidates! Trust reputed sites to provide you with genuine franchise consultants with in-depth knowledge of the industry.
5 Tips to Select the Right Franchise Opportunity - To learn more about this author, visit Michael Hemenway's Website.
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Selecting the right franchise opportunity is the most important part of starting a franchise. So, to help you in choosing the right franchise, here are five effective tips:
1. Look at the product/service the concept is selling. Is it something that people will always need or something that may become obsolete in coming years? Remember, a franchise agreement generally is for ten years. So, you must consider the long-term demand of the product over immediate profit. For example, computers are an integral part of our society today and will become more important in future. Hence, franchises like 1-800-905-Geek, that offers computer maintenance, will find clients even ten years from now. But video rental stores are already experiencing slow business and may become slower as technology evolves and entertainment becomes more net-based in the future.
2. Consult the present franchisees for an insider’s view of the franchise system. Most top franchises will allow you to interview their franchisees before you buy a franchise from them. If your franchisor is advising not to talk to others except its chosen franchisees, then it is better you think twice about the concept. When you talk to the franchisees, observe their attitude towards the system. Do they sound grumpy or happy? Are they looking for ways to get out of the system or opening another location? Such observations will be very important in deciding how good the system is.
3. Read meticulously the UFOC of the franchise you are considering. Specifically read the litigation section. It will be better if you hire a franchise attorney in this endeavor. According to the new FTC ruling, franchisors will also have to list the litigations started by them against their franchisees. Noticing the nature of the cases closely will help you to understand the franchisor-franchisee relationship of the concept.
4. Just as you are investigating the franchise concept before settling on its franchise business for sale offer, the franchise company too will investigate you. If it’s too eager to close the deal, then chances are that the franchise is more interested in selling a franchise than developing a franchise system! Many such franchise concepts fail later on, because they expanded too fast too soon. Due diligence is very necessary before starting a franchise; it will help you to avoid fraudulent companies.
5. If you find the entire process troublesome, you can contact efficient franchise consultants to ease your work. A competent and professional franchise consultant will pair you with such a franchisor that is perfect for you in every way. But that doesn’t mean you stop investigating; you must analyze the consultant first! He or she should be working for your benefit and not for the benefit of the companies that provide him or her commissions for referring candidates! Trust reputed sites to provide you with genuine franchise consultants with in-depth knowledge of the industry.
5 Tips to Select the Right Franchise Opportunity - To learn more about this author, visit Michael Hemenway'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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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig'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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