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Are You Franchise Material?



Are You Franchise Material?
   

When you read reports that approximately 97% of franchises remain open even after the difficult first three years; the attraction of this booming industry becomes too hard to resist! But before you start looking for franchisors, here is a checklist for you to make sure whether you can become a good franchisee.

• Are you “people-friendly”? The biggest thrill of franchising is that you, as a franchisee, are supposed to interact with a lot of people, such as your customers, your vendor and of course, your franchisor. You need to have enough people skill to handle each one of them according to their status. Moreover, you must have a charming personality with great sales skills to impress your customers. With your vendors, you will need negotiation power and with your franchisor, you are required to be articulate and organized, so that you can maintain the best of terms.

• Can you learn easily? Franchising business is all about following a successful business model diligently. But, you can only follow, if you learn it really well. For that, you should have the patience and temperament of a student. If you are too much of a free-spirited person, you may find the different clauses and restrictions of the franchisor too suffocating. But that doesn’t mean that you have to be a blind follower; you must have that much spark of creativity to mould the model of the franchisor to your maximum benefits.

• Are you a hard worker? Many think that taking up a franchising business is very easy and it’s all about getting associated with an established brand. You may also think that you will open the doors of the shop and customers will come rolling in! But, that’s not the entire story. Though it’s somewhat true that the name will bring in customers, but to keep them coming back, you are supposed to work really hard.

• Do you have enough financial stability? There are franchising businesses to suit every pocket. But you should have more than the franchise-prescribed budget to cover family expenses and other emergencies.



Are You Franchise Material? - To learn more about this author, visit Ray Flores's Website.

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About the Author


Ray Flores
(Visit Ray's Website)
brandEXPANSION is the only firm of its kind serving all aspects of franchising. With our industry background and successful franchise units established around the world, we have a time tested strategy to assist you in locating, developing, advertising, marketing and executing the optimal franchisor and franchisee strategy. brandEXPANSION brings over a dozen years of hands on experience in the field. This gives us an insider’s perspective on the business of franchising, which is an invaluable asset in supporting your objectives. We simplify the franchise experience by providing on going consulting and support designed to deliver the most profitable franchise investment you can attain. brandEXPANSION has placed franchise units in over 1000 locations nationwide. This includes the strategy and writing of franchise documents, over 600 franchise real estate locations selected, over 200 construction projects completed and over 250 proven franchise companies currently represented. The company also operates the leading franchise-industry social networking site, www.FranchiseUltraLounge.com.
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