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Self-Employment: Could a Franchise be the right choice for you?

Guest post by: Nick Strong

Article Overview: We look at some benefits of a franchise business as an alternative to conventional self-employment.

Self-Employment: Could a Franchise be the right choice for you?

Whether or not you happen to be just unhappy in your present career or simply needing a change self-employment is something you might take into account as an alternative to working for a corporate entity. Obviously, its easy to determine why: the money you make is yours to maintain, you are your own boss and can manage your own schedule.

The big problem for many though, is that while working for yourself is an attractive option, it will require someone to hold a sale-able business proposition that folks could buy, and it demands a wide set of assorted business abilities. Needless to say the latter is commonly fixed by designating tasks that you simply do not know how to perform yourself. One of the most understandable is doing the books and accounts that lots of small business owners regularly contract out to a dedicated book keeper or company that has a background in those expertise.

The most important challenge for just about any new business owner will likely be the power to administer their resources well and to plug and trade whatever business idea you hold. Plenty of business owners could make the error of presuming they can just create a business, and of course buyers will come running to get whatsoever they may be offering. Anyone spending their money will require a credible reason to purchase whatever it is you're supplying so its important to think: do people require what I’m selling, if not why should they procure it? Will your product and sales communication provide a terrific cause for customers to invest in it? This is built around good market research and planning a firm marketing tactic before launching your business.

If that appears quite in depth, that’s because it usually is! However, there exists a different way which assists to get past the majority of the business in testing the marketplace and figuring out if what you have got to present actually can make up a viable business formula.

A franchise is a tried and tested business model that it is possible to invest in like if it was your individual enterprise. In effect, you buy the right to work beneath the companies brand and draw on their already proven business system. The key differences to starting up your own personal self-employed business are usually:-

• A good deal of the hard work of testing the marketplace and testing the sales potential for the goods could have been done.
• You are going to be launching an enterprise with a proven business formula.
• A number of franchise businesses are popular and recognised which possibly can present you an edge against competition.
• You will aquire necessary training on how to essentially handle, market the enterprise and sell the products or services presented.
• 90% of United kingdom franchisees trade profitably in any given year based on BFA/Natwest annual franchise surveys.
• You will be your own manager! You will essentially be running your own business and you may in the end be responsible for its success or else its failure.

It is simple to determine why going down the franchise road is preferred by a wide selection of individuals while researching self-employment. It provides a lot of the advantages of self-employment whilst helping to reduce some of the challenges. Of course there is no such thing as risk free in business, nonetheless, by means of dedication to your chosen franchise business along with a willingness to work hard it is possible to make your franchise a success.

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Article Tags: business, franchise, franchise opportunities, self employment



Related Forum Posts
Re: Enticing Franchises - Top 9 List - All Franchise listed above are in millions of dollars. Do you have the list of Franchise in thousands
Re: Info for would be franchisers... - [quote="Sebastien":1d29sdv1]Like Franchise Times, Franchise Update is a very practical magazine. There is no blah blah, just straight facts that anyone in the franchise community can relate to. I just want to mention that all these magazines are NOT franchisee oriented. I mean these magazines are for franchise professionals. If you're looking to buy a franchise, you won't find much information in there. To answer your question, getting published in Franchise Times was fairly easy. I don't want to brag too much but I think I am known in the franchise industry. I was the marketing guy at Franchise.com for a few years before joining my new company, the World Franchising Network. So people know me and I have a very good relationship with Nancy Weingartner, the Managing Editor at Franchise Times. I was talking with her at the last Franchise Expo South in Miami and she mentioned she'd like me to be profiled. I was like "ok, sure!". I like this franchise executive profile thing in Franchise Times as it is rarely BS. People are usually really natural in there.[/quote:1d29sdv1] Thanks for the follow up Sebastien! And I can't say that I'm surprised that networking with the right people and managing your relationships with them properly are the keys to being published. I guess the old adage holds true of "it's not who you know, but who knows you" that's important.
how much for a franchise fee? - Dear Colleague There is no easy answer to this question. Things to consider: [list=] The sizeof the Franchise Clent base Expected Turnover Intellectual Property costs (recoup) Number of Franchises Number of employees Original Set up costs Franchise admin costs An example: A franchise that I was involved in setting was to a simple "lawn mowing/home repair" franchise. The Franchise included national/local advertising - preparation of client lists - general admin - central accounting etc The Franchise involved 300-500 clients - and an annual turnover of about $300,000 . The annual franchise fee was $30,000. Hope that this gives you some idea Take care Ian[/list]
Re: Franchise Surveys - Another good tool to researching a franchise is to speak with their existing franchisees. This contact information is included in most Franchise Disclosure Documents. In order to get a Franchise Disclosure Document or FDD as it is often referred to, you will have to complete a basic franchise application. The franchisor will then usually provide you with the FDD at that time. Included in that book of information is a list of the existing franchisees, the contract, the investment information etc... This information is required by Federal Law to be disclosed to your prior to making a purchase. So be sure to do your research and start with the Franchise Documents to get the initial information.
Re: Info for would be franchisers... - [quote="Sebastien":2gam0klq][quote="BuzzAroundBooks":2gam0klq]Like Franchise Times, Franchise Update is a very practical magazine. There is no blah blah, just straight facts that anyone in the franchise community can relate to.[/quote:2gam0klq][/quote:2gam0klq] That is really what I look for in any industry publication. We lead busy lives and when people fill their magazines with fluff, not only does it benefit no one, but it makes us truly appreciate those that don't. Thanks!


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