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Are You Ready For A Franchise

Written by: Anne Barr

Article Overview: Determining if you are ready for a franchise could easily be a “defining moment” in your life. Are you ready for a franchise?

Are You Ready For A Franchise

Akin to the sports mantra “Are You Ready For Some Football?” the similarities are very obvious.

The NFL football franchises definitely operate successful business enterprises. They are constantly trying to improve their marketing and advertising to attract not only the loyal fan, but the epitome of fans – the “raving fan.”

As franchise business owners, we are all seeking these same fans. We want the loyal, repeat customers who would recommend us when asked. The “coup de grace,” however, is the “raving fan” that’s a loyal fan plus tells everyone they know how wonderful we are and how they are somehow missing out if they don’t seek out the product/service from “us.”

It’s a feeling of belonging – to a large group with common goals. A sense of camaraderie that touches our competitive spirit. Just as in football, there’s a game plan or system. As long as we follow the system we have a much greater chance of winning the game (success).

What is success? Moving closer to the trophy? Maybe that’s achieving your financial goals - or having more control and independence – not being concerned about job insecurity – or even increasing your assets/net worth in preparation for retirement. Whatever the “trophy” is for you, is it worth going after? Half the excitement and satisfaction may just be the journey (game) itself.

What happens if you don’t get the trophy? Will you keep striving for it? Will you be satisfied with the job market (your position) and where you “fit” in the hierarchy (rankings)? Since the road to success is always “under construction,” we are challenged, rewarded, road blocked, detoured and even stopped in our tracks. We encounter lack of total preparation, carelessness, bad habits, procrastination, wrestling with our own ego, personality conflicts and yet, somehow we manage to move forward.

Therefore, I pose this question: Is there an end to the road? Our success starts and ends with us. We are the coach and the quarterback. We assemble the right team, develop the plays (system), support the people (players) we’ve put in key positions and work the system.

For most of us, the journey never ends until we die; however, all the failures and successes along the way help us achieve our financial goals and grow personally. Determining if you are Related Articles
  Are You Ready to Start a Franchise?
  Franchises
  Franchising First Steps
  Questions to Ask Before Buying a Franchise
  Franchising is a Design-Build Program

Article Tags: entrepreneur, franchise



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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