Benefits and Responsibilities of Franchise Ownership
Benefits and Responsibilities of Franchise Ownership
The prime benefit of franchise ownership is that you don’t have to develop a business format of your own. Franchising is all about effectively transferring the franchisor’s business model to the franchisee. Hence, time and money is not wasted in perfecting a system, as it has already been done. Furthermore, there’s the benefit of the brand-name of the franchise company that is offering the franchise business for sale. So, you don’t have to create a market for your product/service; all you have to do is make people aware that you are open for business. What’s more, when you are starting a franchise, you are not alone. Best franchises always stay by the side of their franchisees and help them in the areas of market-analysis, real-estate selection, employee-hiring and marketing. And there’s also the initial training and on-going support that will be clearly spelled out in the franchise agreement. So, if you choose the right concept and work hard, success is guaranteed!
The benefits of franchise ownership will be fruitful only when you fulfill the responsibilities that come along with the benefits. When you buy a franchise, you are supposed to maintain the brand-name and image of the franchisor first. This is not only necessary for your success, but also for the success of other franchisees’ in the chain; as one bad egg can spoil the whole basket! Getting the required finance is another big responsibility. You should consider not only the start-up cost, but also the running expenses for the coming months together with your household expenditure. If you face monetary problem after running the franchise for a few months, then you will be responsible for the failure of the franchise. You are also responsible for hiring people and training them (top franchises will help you in this regard). You are required to make sure that the employees don’t break any rule of the franchise agreement. You are also responsible in checking out that your franchise operation is being run in the exact way the franchisor taught you during the initial training phase.
Benefits and Responsibilities of Franchise Ownership - To learn more about this author, visit Michael Hemenway's Website.
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Franchise business has been the traditional safety net of the Americans. Recent events have even boosted the number of people looking forward to buy a franchise. If you are also thinking about starting a franchise of your own, you must know about the franchise business itself first. There are franchise associations like International Franchise Association whose website can provide you a detailed description of different aspects of the business. You should also go through the website of FTC (Federal Trade Commission) in order to know about the various government rules regarding franchising as well as your rights as a franchisee.
Benefits of franchise ownership
The prime benefit of franchise ownership is that you don’t have to develop a business format of your own. Franchising is all about effectively transferring the franchisor’s business model to the franchisee. Hence, time and money is not wasted in perfecting a system, as it has already been done. Furthermore, there’s the benefit of the brand-name of the franchise company that is offering the franchise business for sale. So, you don’t have to create a market for your product/service; all you have to do is make people aware that you are open for business. What’s more, when you are starting a franchise, you are not alone. Best franchises always stay by the side of their franchisees and help them in the areas of market-analysis, real-estate selection, employee-hiring and marketing. And there’s also the initial training and on-going support that will be clearly spelled out in the franchise agreement. So, if you choose the right concept and work hard, success is guaranteed!
Responsibilities of franchise ownership
The benefits of franchise ownership will be fruitful only when you fulfill the responsibilities that come along with the benefits. When you buy a franchise, you are supposed to maintain the brand-name and image of the franchisor first. This is not only necessary for your success, but also for the success of other franchisees’ in the chain; as one bad egg can spoil the whole basket! Getting the required finance is another big responsibility. You should consider not only the start-up cost, but also the running expenses for the coming months together with your household expenditure. If you face monetary problem after running the franchise for a few months, then you will be responsible for the failure of the franchise. You are also responsible for hiring people and training them (top franchises will help you in this regard). You are required to make sure that the employees don’t break any rule of the franchise agreement. You are also responsible in checking out that your franchise operation is being run in the exact way the franchisor taught you during the initial training phase.
Benefits and Responsibilities of Franchise Ownership - To learn more about this author, visit Michael Hemenway'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 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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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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