Factors to Consider Before Choosing a Franchise
Factors to Consider Before Choosing a Franchise
1. Be aware of your motivation: It is your motivation that will help you to decide which franchising concept you want to join. Ask yourself why you want to join that particular field. Is it because you want some change in your work environment or looking forward to more economic prosperity? You are, therefore, advised to pursue your interests and use your creativity to your best advantage.
2. Understand the scope of the concept: A clear, in-depth study of the franchising concept is quite essential. You are supposed to know exactly what you are selling. You have to see who the customers are and how much important the product/service is to them.
3. Know the market: You are required to know your market well. Is there huge demand for the products in the market? Is the demand short-term or long-term? Are there enough suppliers available? All these questions will give you an idea about how successful your franchising business can be.
4. The practicality of the concept: This is very important in case you choose a franchise where you have to produce things. The raw materials should be easily available in your area. Also, the process of manufacturing must be easy to duplicate.
5. The number of companies in the category: Another significant aspect of the selection process. You have to check out how many players are there in the market. Is there an industry leader? Is the category already saturated or is there place for more? For example, the fast-food category is saturated with established market giants. On the other hand, there is no such leader in the maid and janitorial services category.
6. The age of the category: There are some fields that are comparatively new like the computer maintenance concepts whereas food and restaurant franchises have been around for a long time. The franchisees of old categories will obviously get more guidance than franchisees of new concepts.
7. The return of profit: Some categories return the money faster while others take time. Moreover, some concepts dry up quite soon while others give return slowly but steadily.
So, choose accordingly and keep these points in mind while you carry out your research works before joining the franchising business.
Factors to Consider Before Choosing a Franchise - To learn more about this author, visit Michael Hemenway's Website.
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Starting a franchising business is one of those decisions that can change your life completely. So, you need to be very careful while choosing the franchising concept you want to follow. Here are some points to help you select the right franchising concept.
1. Be aware of your motivation: It is your motivation that will help you to decide which franchising concept you want to join. Ask yourself why you want to join that particular field. Is it because you want some change in your work environment or looking forward to more economic prosperity? You are, therefore, advised to pursue your interests and use your creativity to your best advantage.
2. Understand the scope of the concept: A clear, in-depth study of the franchising concept is quite essential. You are supposed to know exactly what you are selling. You have to see who the customers are and how much important the product/service is to them.
3. Know the market: You are required to know your market well. Is there huge demand for the products in the market? Is the demand short-term or long-term? Are there enough suppliers available? All these questions will give you an idea about how successful your franchising business can be.
4. The practicality of the concept: This is very important in case you choose a franchise where you have to produce things. The raw materials should be easily available in your area. Also, the process of manufacturing must be easy to duplicate.
5. The number of companies in the category: Another significant aspect of the selection process. You have to check out how many players are there in the market. Is there an industry leader? Is the category already saturated or is there place for more? For example, the fast-food category is saturated with established market giants. On the other hand, there is no such leader in the maid and janitorial services category.
6. The age of the category: There are some fields that are comparatively new like the computer maintenance concepts whereas food and restaurant franchises have been around for a long time. The franchisees of old categories will obviously get more guidance than franchisees of new concepts.
7. The return of profit: Some categories return the money faster while others take time. Moreover, some concepts dry up quite soon while others give return slowly but steadily.
So, choose accordingly and keep these points in mind while you carry out your research works before joining the franchising business.
Factors to Consider Before Choosing 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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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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