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Owning a franchise is a great way to become your own boss.

Written by: Jim Coen

Article Overview: Franchising can be a very effective way for you to get into business, just keep your eyes and ears wide open and ask lots of questions, the more you know about owning a franchise the better your decision will be.

Owning a franchise is a great way to become your own boss.

Unless you’ve been living on another planet, you probably are already familiar with franchising. You probably patronize a variety of franchised businesses without realizing that they are even franchises. These businesses run the gamut from gasoline stations and fast food to ice cream and carpet cleaning.

No two franchises are alike! Some franchise networks succeed better than others.
Intuitively, it makes sense owning a franchise because franchise systems have higher success rates than independent businesses. For instance an independent pizzeria most likely will learn the hard way that coupons are more cost effective if given door to door rather than placing full page ads in the newspaper.

Franchisees benefit from already knowing, because someone made that mistake long ago. If you own a business rather than a franchise then you have to learn the hard way or have to reinvent the wheel. In a franchise system, you have the benefit of being given an operational model which has already learned from the successes and failures of other franchisees.

Franchising when done right, is a win-win-win relationship for all parties involved, the franchisor, franchisee and the consumer. Owning a franchise can be a rewarding career path provided the prospective franchisee chooses a franchise system wisely.

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Related Forum Posts
What are the reasons why you would NOT buy a franchise? - Even though I'm a strong believer that franchising as a great business model, I would personally not buy a franchise. My main reason for not buying a franchise is that you're not your own boss. You take all the risks without really being in control of your business. To me that's the biggest drawback. What about you? What are the reasons why you would NOT buy a franchise?
Re: Trying to buy own building - For that matter, what is best? Owning your own building, or renting office space?
Re: For all Women Entrepreneurs - Hi Carol Thanks for the welcome and I am sure with your dedication and perseverence that it wont be long before you can kiss your boss goodbye. Cheers for now Cyn [quote="Carol Aston":3bzehwm6]Hi Cyn, its great to see you in here, I know you will be a great asset to these forums. For those of you that don't know Cyn she is one of my Mentors in the Pips Power Group and has been a enormous help to me ( and a lot of others) since I started working online. I too will soon be working full time at my business and am looking forward to the same freedom that you have in not having to work for another boss. Take care, Carol[/quote:3bzehwm6]
Re: What is the Best Franchise? - As a franchise owner the things that I look for in a prospective franchise is: 1- A proven track record. Too many franchises try and branch out long before they have perfected their product, don't become a guinea pig for them to figure out what works and what doesnt. 2- Support. A good franchise should have great communication with it's franchisee's and be available to meet it's franchisees needs. Youre only contact with them shouldn't be when you have a problem. Good franchises involves it's franchisees in building it's business. 3- A Great System. McDonald's doesn't exactly make a good hamburger but they have an excellent system of conducting business. The real value in a franchise is the system, not necessarily the product. There are many other factors in deciding on a franchise but many of those are personal to you and your situation. The best thing to do is to conduct as much research as possible and speak with every current franchisee you can and get a feel for the franchise. garyshouldis.com
Re: Money, money and mo money! - Good answer GT. Yes there is always a boss of one sort or another but as you say as an entrepreneur we can choose our boss. Every business has a certain amount of risk, but isn't that the case with everything in life. That is what makes it all so exciting. MichelleJ


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