Feedback Form
Home Features Mastermind Forums About Advertise Blog Network Contact Be An Author

How to identify your "must have priorities" in a franchise!

How to identify your "must have priorities" in a franchise!

Franchising represents a viable approach to business ownership. For a price, the franchisor teaches its proven business model and methods to the franchisee who shoulders all operating and financial responsibilities of the outlet.

But just as franchising presents the opportunity to be successful in your own business, it's also a chance to get stung if you choose unwisely.

What follows is a list of questions that I have compiled to help you identify your “must have priorities” the answers to these questions that will help you eliminate most of the companies out there. Then, you can concentrate your efforts on the remaining companies that deserve your utmost consideration.

What is the Industry Trend?

Is the franchise in an industry that is doing well currently and is projected to do well in the future despite any economic slowdown or technological advances, or increased internet use, etc. Look at trade publications and identify the future outlook of the industry.

What is the Total Investment Required?

In general, don't expect a franchise that requires a five-figure initial investment to produce a six-figure income. As with most things in life, you get what you pay for. Look for a franchise that fits your financial situation and requirements. Identify the figure you are comfortable with investing and validate that actual total investment by speaking with existing franchisees. Remember to have enough money left to cover your living expenses during the startup prior to profitability.

How experienced is the Management Team?

Does the management team have executives with demonstrated past achievement and experience in operating the business, in the industry or for other franchise companies?

Are you comfortable with the hours and income potential?

How many hours do you need to work to reach the income level you are striving for? Are you willing to sacrifice your time to achieve your goals? Set your work schedule in your mind and look at business models that fit that potential and return the income you need or desire. If you do not want to work every weekend then make sure you are getting involved in a business that allows flexibility on weekends.

What is the Minimum Number of Employees?

How many employees are you willing or able manage, are you willing to manage minimum wage employees, managing dozens of minimum-wage employees who are constantly quitting or simply not showing up for work may not be something you want to handle. Others accept it as part of doing business.

Investigate whether the existing franchisees are opening additional units?

It doesn’t matter how many units they initially purchased what is important is if they living up to the development schedule, and if not why. Many franchisees have great intentions to build X number of units, but then reality sets in, find out what the realities are.

Watch out for the real estate Lease?

For most retail franchises, the triple net lease of the location is the biggest financial commitment, larger than the total franchise investment.

Are you comfortable with the Image & Lifestyle?

How does flipping burgers, scooping ice cream or cleaning restrooms fit the image of what you want to do for a living? Investing in a franchise will be the most important psychological and financial decision you ever make. Does the typical working day of the franchise you are considering fit your personal image and your desired lifestyle?

This list of “must have priorities” is a very good way for you to filter franchise opportunities and determine which ones warrant your consideration.
Investigating a franchise takes some time but I have seen over and over again that if you choose a franchise wisely, success is almost assured.





How to identify your must have priorities in a franchise - To learn more about this author, visit Jim Coen's Website.

Like this article? Share it with your friends

Article Feedback
 Article Feedback No article feedback found.
  Leave Your Feedback
article feedback

Article Feedback
John Power
John 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

Anne Barr
Anne 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

John Brennan
John 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

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


To learn more about the Evan Elite Author Program please contact us.

About The Author


Jim Coen
(Visit Jim's Website) With 25 years of franchise, marketing, and entrepreneurial experience, and the owner of Franchise Perfection, Jim Coen, brings key skills to franchise consulting for those interested in buying a franchise business opportunity. At Franchise Perfection we serve as franchise consultants and advisers, “matching you with the perfect business”. Visit: http://www.franchiseperfection.com/ index.htm For over 20 years Jim worked with Super Coups. which is a MA based direct mail franchise that delivers money saving coupons from local businesses to your mailbox. His responsibilities at Super Coups included: franchise marketing, franchise training, sales management, regional sales, and director of Franchise Development. Prior to Super Coups Jim successfully marketed franchises in the New England area for Uniglobe Travel Northeast a travel franchise, Merry Maids a maid cleaning franchise, & Emack & Bolio an Ice Cream franchise. Jim recently was the host of a popular radio show called “Let’s Talk Franchising” that aired on WBIX 1060 in Boston. Jim currently serves on the Board of Directors of the New England Franchise Association (NEFA) www.nefranchise.org

Jim Coen is a Gold author on EvanCarmichael.com
About The Author

View Author Blog
Let's Talk Franchising! - I have learned franchising from the ground up. I’ve been a franchisee for a bad franchisor. I’ve worked for good franchisors and I’ve worked for marginal franchisors. I’ve helped many franchisees succeed.
Let's Talk Franchising!
View Author Blog

View Author Video
View Author Video

Free Downloads


Jim Coen's

Complete
List Of
Franchises
Articles

Name
Email
If you enjoyed this article, get Jim Coen's Complete List of Franchises Articles For FREE!

More Jim Coen
How to find the best franchise opportunity for you
The best franchise systems all have effective leadership
Owning a franchise is a great way to become your own boss
What is franchising My personal definition
Rapid expansion doesnt always mean success when it comes to franchise businesses
The history of franchising
6 Attributes of Franchise Systems Worth Investing In
How to identify your must have priorities in a franchise
Franchise information that is pertinent to your investigation is disclosed in the Uniform Franchise Offering Circular UFOC
Visiting a Franchise Show is a great way to investigate franchise opportunities
Free Downloads


 
 
 


Evan Elite Authors
Dianne Crampton  
John Alexander  
Jeff Foster  
Evan Elite Authors

Become An Author
Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details.
Become An Author

Evan's Latest Video
Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media
Evan's Latest Video

Business Opportunities
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"

How to Start An Online Business

Click Here To Learn More
Business Opportunities



Evan's Newsletter
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
Name:
Email:
Evan`s Newsletter

Free Downloads
Non Disclosure Agreement Icon Non Disclosure Agreement
Networking Is The Future Icon Networking Is The Future
Instant Quotes Icon Instant Quotes
Google Adwords Guide Icon Google Adwords Guide
Strategic Plan Icon Strategic Plan
Free Downloads - Complete List

Entrepreneur Tools and Guides
Write The Press Release
Write The PR
Press Release Builder
 
Top 50 Productivity Blogs To Watch In 2008
Top 50 Productivity Blogs
Top Blogs To Watch In 2008
 
Entrepreneur Tools and Guides

SEO For Africa
SEO For Africa
Florence Ighomo Benin City, Nigeria,
Florence Ighomo
Benin City, Nigeria
SEO For Africa

If I Were A Startup...
Stephen Pollack, $1.2 to $16.2 Mil in 3 Years
Stephen Pollack
$1.2 to $16.2 Mil in 3 Years
Brian Scudamore, $200k to $8 Mil in 5 years
Brian Scudamore
$200k to $8 Mil in 5 years
If I Were A Startup... - Complete List

Famous Entrepreneurs
Peter van Stolk, Jones Soda
Peter van Stolk
Jones Soda
John Johnson, Johnson Publishing
John Johnson
Johnson Publishing
Famous Entrepreneurs - Complete List

Entrepreneur Advice
Donald J. Trump, Trump University
Donald J. Trump
Trump University
Guy Kawasaki, The Art of the Start
Guy Kawasaki
The Art of the Start
Entrepreneur Advice - Complete List

Popular Articles
(Premium Authors)

     Take the Heat off HR – Encourage Career Self-Management
By Jill Frank
     Executive Career Coaching: Providing Solutions to Succession Planning Challenges
By Jill Frank
     The Art of Building a Successful Team
By Jill Frank

Have A Suggestion?
Toronto Salsa Classes / Toronto Salsa Lessons Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
Have A Suggestion?

More Evan Carmichael
More Information