FRANCHISE BUSINESS VS STARTING A NEW BUSINESS
FRANCHISE BUSINESS VS STARTING A NEW BUSINESS
Well structured business plans usually in place.
Already known brand name recognition possibly.
Have training in place to decrease failure rate.
Ongoing support if you have questions or problems.
Proven successful already, no need for trial and error.
Easy to expand to multiple locations (all the same).
Collective Buying Power (Everyone buys from one source)
Location Research Assistance
Accounting Systems in place.
Many of these things are positive features that will help you succeed in business. You don't have to worry about whether or not what you are doing will work, because someone else has already tested it. As with everything, there are a few negative aspects of a franchise as well:
Lack of creativity or freedom to do what you want.
Often times you pay royalties to Franchisor (5% gross/year)
High start-up costs (many require tens of thousands of dollars.
Generally have a contract to stay with franchisor.
Pay for percentage of national advertising campaigns.
If you have never run a business before, franchises may be a great first step if you have some capital to work with. The knowledge and real world experience you can gain from owning a franchise can often greatly benefit you in future businesses you open.
Here are some common negative features of a starting a new biz:
Sketchy business plans at best.
Nobody has ever heard of you, so the trust is not there.
You can't buy things at a great discount typically.
Little Support or Training available.
A lot of trial and error to find what works and what doesn't.
No shoulder to cry on or people to blame but yourself.
Although these seems a bit harsh, starting a business is not all bad. In fact, many people who start a business on their own are more successful that those who own franchises. The reason is because you tend to learn more when you learn on your own. If someone is constantly telling you how to do things, you never really learn them. You know that all you have to do is go ask for help rather than digging to find the answer on your own. Here are some benefits of starting your own business:
Freedom to do whatever you want. If you want to sell widgets today and the widget market dries up, you can sell thingamabobs tomorrow.
What you make, you get to keep - no royalty fees.
Generally lower start-up costs.
You pay for only what you need, nothing else.
Much higher income possibility.
That is a quick outline of a new business idea vs a franchise. It is really up to you on what you feel is the best option for you. You can succeed with either option as long as you give it 110% effort.
FRANCHISE BUSINESS VS STARTING A NEW BUSINESS - To learn more about this author, visit Tony Hogan's Website.
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Here are some common beneficial features of a franchise business:
Well structured business plans usually in place.
Already known brand name recognition possibly.
Have training in place to decrease failure rate.
Ongoing support if you have questions or problems.
Proven successful already, no need for trial and error.
Easy to expand to multiple locations (all the same).
Collective Buying Power (Everyone buys from one source)
Location Research Assistance
Accounting Systems in place.
Many of these things are positive features that will help you succeed in business. You don't have to worry about whether or not what you are doing will work, because someone else has already tested it. As with everything, there are a few negative aspects of a franchise as well:
Lack of creativity or freedom to do what you want.
Often times you pay royalties to Franchisor (5% gross/year)
High start-up costs (many require tens of thousands of dollars.
Generally have a contract to stay with franchisor.
Pay for percentage of national advertising campaigns.
If you have never run a business before, franchises may be a great first step if you have some capital to work with. The knowledge and real world experience you can gain from owning a franchise can often greatly benefit you in future businesses you open.
Here are some common negative features of a starting a new biz:
Sketchy business plans at best.
Nobody has ever heard of you, so the trust is not there.
You can't buy things at a great discount typically.
Little Support or Training available.
A lot of trial and error to find what works and what doesn't.
No shoulder to cry on or people to blame but yourself.
Although these seems a bit harsh, starting a business is not all bad. In fact, many people who start a business on their own are more successful that those who own franchises. The reason is because you tend to learn more when you learn on your own. If someone is constantly telling you how to do things, you never really learn them. You know that all you have to do is go ask for help rather than digging to find the answer on your own. Here are some benefits of starting your own business:
Freedom to do whatever you want. If you want to sell widgets today and the widget market dries up, you can sell thingamabobs tomorrow.
What you make, you get to keep - no royalty fees.
Generally lower start-up costs.
You pay for only what you need, nothing else.
Much higher income possibility.
That is a quick outline of a new business idea vs a franchise. It is really up to you on what you feel is the best option for you. You can succeed with either option as long as you give it 110% effort.
FRANCHISE BUSINESS VS STARTING A NEW BUSINESS - To learn more about this author, visit Tony Hogan'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 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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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. - Visit Jeff Foster's Website |
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Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Dr. John OdaJohn Oda Ph.D NLP is a business peak performance expert, an author, and speaker frequently called upon to provide corporate training, workshops and seminars for many companies in the United States. He is an expert in coaching sales and business professionals in overcoming the behaviors and obstacles that may impede their sales results and affect their bottom line. Since 1995, John has created a speaking bureau such topics, which include: time management, sales training, human diversity, leadership programs and etc. He provides companies with a strategic plan to increase their bottom line by over 25 percent yearly. - Visit Dr. John Oda's Website |
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 Tony Hogan (Visit Tony's Website) Franchise & Business Consultant and Broker based in the UK. Websites include ww w.topbusinessideas.com fran chisewebsite.co.uk contact me tony.h ogan@virgin.net
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