Are You Ready to Start a Franchise?
Are You Ready to Start a Franchise?
If you are a franchisor
The first thing you need to understand about franchising is that it’s a totally different business format. Whatever rules and formulas you have been using till now may or may not have the same effects in the franchising world. You are required to start from the beginning when you wish to offer franchise business for sale. Here, you have to check out first how adaptable your business model is. Your franchisees must easily duplicate your formula of work in their environment for the franchise system to work. Hence, you must test your business model in a prototype location before entering the franchise world. Then you will also need a new team of workers to oversee your franchise business. Moreover, you will also require enough money to maintain them. So, make sure you can afford this time and money for the new business without hampering your original business. If all these fall into place, then you are ready to franchise.
If you are a franchisee
The job stress and disillusion with corporate America may lead anyone to think about starting a franchise. But the decision to join should not be spontaneous; if you are truly interested, you must research various areas before signing any franchise agreement. The first thing you are supposed to investigate is your reason for joining the franchise industry. Then you should know how much money you can invest. Don’t forget to ask the lending institutes about their loan terms. Also, ask your family members and friends to find an investor or a partner. Lastly, make sure whether your family is ready to support your decision of starting a franchise.
Conclusion
Whichever side of the business you represent, it will be better if you go for the expert franchise consultants. For a franchisor looking forward to learn how to franchise a business, the consultants are the best source. They will show the franchisors the defects (if there’s any) of their business model and also help in writing the UFOC and getting required licenses. For a franchisee, the franchise consultants will pair them with the perfect franchisor and help them in selecting site, getting finance and other associated things.
Are You Ready to Start a Franchise - To learn more about this author, visit Michael Hemenway's Website.
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Entering the franchise business is a momentous decision for both the franchisor and the franchisee. It’s necessary that you judge yourself (and your business) very well before offering franchise business for sale. Similarly, due diligence is necessary before starting a franchise. Below are some pointers to help you understand whether you are ready to join the franchise business:
If you are a franchisor
The first thing you need to understand about franchising is that it’s a totally different business format. Whatever rules and formulas you have been using till now may or may not have the same effects in the franchising world. You are required to start from the beginning when you wish to offer franchise business for sale. Here, you have to check out first how adaptable your business model is. Your franchisees must easily duplicate your formula of work in their environment for the franchise system to work. Hence, you must test your business model in a prototype location before entering the franchise world. Then you will also need a new team of workers to oversee your franchise business. Moreover, you will also require enough money to maintain them. So, make sure you can afford this time and money for the new business without hampering your original business. If all these fall into place, then you are ready to franchise.
If you are a franchisee
The job stress and disillusion with corporate America may lead anyone to think about starting a franchise. But the decision to join should not be spontaneous; if you are truly interested, you must research various areas before signing any franchise agreement. The first thing you are supposed to investigate is your reason for joining the franchise industry. Then you should know how much money you can invest. Don’t forget to ask the lending institutes about their loan terms. Also, ask your family members and friends to find an investor or a partner. Lastly, make sure whether your family is ready to support your decision of starting a franchise.
Conclusion
Whichever side of the business you represent, it will be better if you go for the expert franchise consultants. For a franchisor looking forward to learn how to franchise a business, the consultants are the best source. They will show the franchisors the defects (if there’s any) of their business model and also help in writing the UFOC and getting required licenses. For a franchisee, the franchise consultants will pair them with the perfect franchisor and help them in selecting site, getting finance and other associated things.
Are You Ready to Start a Franchise - 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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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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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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Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager'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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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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