Deciding if a Franchise is Right for You
Deciding if a Franchise is Right for You
Below are a number of pointers for deciding on the right franchise for you. The tips will help you decide if in fact franchising will work for you.
1. Think about what it is you are best at and most enjoy doing. Making a major lifestyle change will always work the best when your work revolves around doing what you enjoy and do best.
2. Speak to your family and tell them about wanting to build your own business. Its important that those close to you that will be most affected by any change in your employment status understand your motives. Ensure that your family will support you financially if necessary but more importantly, emotionally.
3. Admit that running any business is hard work and like anything in life has its ups and downs. Replicating a proven system is what franchise business is all about so this minimises the downs and makes the most of the ups. You can see why its so important that you want to follow a system that has been tried and tested.
4. Visit information rich sources online such as franchise directory sites and franchise exhibitions where you can research information about franchising and genuine franchise business options that could be of interest to you.
5. Arrange to visit the franchise companies that interest you the most. Meet the key people that would train and support you. Do you like them? Can you see yourself working with them? Does the visit create confidence in you?
6. Obtain permission to speak to some of their franchisees. Chat with them and ask about their experiences. Ask questions such as, do you feel happy with running this franchise? Do you make a profit? What support do you get? Has the recession affected your business sales or profits? Knowing what you know, if you were me would you buy the franchise?
7. Having completed your research, identify which franchise opportunities are of genuine interest to you. Make a short list.
8. It is vital now to speak to your bank. You can ask the bank for a report of what they know about the franchises on your short list. The banks keep their own records of all franchise businsses known to them. With this information you can gain an independent report about the bank’s view of your short listed options.
9. If you need to borrow money banks will often lend up to 70% for a proven franchise concept. This is by virtue of the fact that over 90% of UK franchisees run their businesses at a profit according to the British Franchise Association National Franchise Survey which gives the banks a lot of confidence to lend to first time franchise business owners.
10. Finally you will need to look closely at the franchise contract for the franchise you have decided upon. The franchise contract rules the trading agreement between the franchisor and yourself. Consulting a British Franchise Association accredited lawyer is highly recommended.
After completing the above steps you should be well enough informed to make a choice of which franchise is right for you. It will then fall to you and the franchisor to sign contracts, arrangement payment of fees, book in for training and agree on your franchise business launch programme.
Take your time, find the right franchise to suit you and then work hard with your franchisors and customers support to build your own successful business.
Deciding if a Franchise is Right for You - To learn more about this author, visit Nick Strong's Website.
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In these times of financial difficulty people are considering their path into the future. Alot of people are driven by the impulses of ambition, redundancy or even preparation for retirement and contemplating self employment through franchising as a potential way forward. Without a doubt self employment through franchising is not right for everyone.
Below are a number of pointers for deciding on the right franchise for you. The tips will help you decide if in fact franchising will work for you.
1. Think about what it is you are best at and most enjoy doing. Making a major lifestyle change will always work the best when your work revolves around doing what you enjoy and do best.
2. Speak to your family and tell them about wanting to build your own business. Its important that those close to you that will be most affected by any change in your employment status understand your motives. Ensure that your family will support you financially if necessary but more importantly, emotionally.
3. Admit that running any business is hard work and like anything in life has its ups and downs. Replicating a proven system is what franchise business is all about so this minimises the downs and makes the most of the ups. You can see why its so important that you want to follow a system that has been tried and tested.
4. Visit information rich sources online such as franchise directory sites and franchise exhibitions where you can research information about franchising and genuine franchise business options that could be of interest to you.
5. Arrange to visit the franchise companies that interest you the most. Meet the key people that would train and support you. Do you like them? Can you see yourself working with them? Does the visit create confidence in you?
6. Obtain permission to speak to some of their franchisees. Chat with them and ask about their experiences. Ask questions such as, do you feel happy with running this franchise? Do you make a profit? What support do you get? Has the recession affected your business sales or profits? Knowing what you know, if you were me would you buy the franchise?
7. Having completed your research, identify which franchise opportunities are of genuine interest to you. Make a short list.
8. It is vital now to speak to your bank. You can ask the bank for a report of what they know about the franchises on your short list. The banks keep their own records of all franchise businsses known to them. With this information you can gain an independent report about the bank’s view of your short listed options.
9. If you need to borrow money banks will often lend up to 70% for a proven franchise concept. This is by virtue of the fact that over 90% of UK franchisees run their businesses at a profit according to the British Franchise Association National Franchise Survey which gives the banks a lot of confidence to lend to first time franchise business owners.
10. Finally you will need to look closely at the franchise contract for the franchise you have decided upon. The franchise contract rules the trading agreement between the franchisor and yourself. Consulting a British Franchise Association accredited lawyer is highly recommended.
After completing the above steps you should be well enough informed to make a choice of which franchise is right for you. It will then fall to you and the franchisor to sign contracts, arrangement payment of fees, book in for training and agree on your franchise business launch programme.
Take your time, find the right franchise to suit you and then work hard with your franchisors and customers support to build your own successful business.
Deciding if a Franchise is Right for You - To learn more about this author, visit Nick Strong'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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