10 Tips for Selecting the Best Franchise
10 Tips for Selecting the Best Franchise
Furthermore, a new franchise opens every 8 minutes in the US. There are more than 8 million people employed by US franchisees. And franchisees in the US produce over $800 billion in annual revenue!
So now that you have made the decision to buy a franchise, which one do you choose?
Here are 10 tips for selecting a franchise.
1) Choose a proven franchise with a lengthy history of success.
2) Make sure that the franchisor has a proven management team and is willing to give you and your team the necessary initial training for success.
3) Make sure that the franchisor is willing and able to be there for you in whatever capacity down the road.
4) Research the franchisor’s territorial rights thoroughly. Make sure there is no overlap between territories.
5) Research the franchisor’s financial strength. Are they outgrowing their means?
6) Try to choose an industry that you are familiar with. If you have no automotive experience, then maybe that automotive repair franchise does not make the most sense.
7) Examine the initial franchise fees and future royalty payments. Does the benefit of owning a franchise outweigh the costs?
8) Talk to other franchisees (and not just ones that are recommended by the franchisor) to get a feel for their level of satisfaction, especially as it relates to ongoing support.
9) Get professional help from your accountant and attorney. Odds are they have seen these type of opportunities before. If your attorney has not, there are many attorneys that specialize in franchise law.
10) Use your gut and do what you think feels right. Do not necessarily believe what every franchisor tells you.
If you follow these ten tips, you will be on your way to selecting the best franchise for you. Good luck!
10 Tips for Selecting the Best Franchise - To learn more about this author, visit Tom Parsley's Website.
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So you have been looking at franchises for sale. Did you know that according to the US Small Business Administration that 30% of all independent businesses fail in their first year? Yet less than 1% of all franchises fail in the first year. Pretty amazing, isn't it?
Furthermore, a new franchise opens every 8 minutes in the US. There are more than 8 million people employed by US franchisees. And franchisees in the US produce over $800 billion in annual revenue!
So now that you have made the decision to buy a franchise, which one do you choose?
Here are 10 tips for selecting a franchise.
1) Choose a proven franchise with a lengthy history of success.
2) Make sure that the franchisor has a proven management team and is willing to give you and your team the necessary initial training for success.
3) Make sure that the franchisor is willing and able to be there for you in whatever capacity down the road.
4) Research the franchisor’s territorial rights thoroughly. Make sure there is no overlap between territories.
5) Research the franchisor’s financial strength. Are they outgrowing their means?
6) Try to choose an industry that you are familiar with. If you have no automotive experience, then maybe that automotive repair franchise does not make the most sense.
7) Examine the initial franchise fees and future royalty payments. Does the benefit of owning a franchise outweigh the costs?
8) Talk to other franchisees (and not just ones that are recommended by the franchisor) to get a feel for their level of satisfaction, especially as it relates to ongoing support.
9) Get professional help from your accountant and attorney. Odds are they have seen these type of opportunities before. If your attorney has not, there are many attorneys that specialize in franchise law.
10) Use your gut and do what you think feels right. Do not necessarily believe what every franchisor tells you.
If you follow these ten tips, you will be on your way to selecting the best franchise for you. Good luck!
10 Tips for Selecting the Best Franchise - To learn more about this author, visit Tom Parsley'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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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 BrennanJohn 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 |
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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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 |
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