Tweet

Are You Ready To Buy A Franchise?

Written by: Tom Parsley

Article Overview: Are you tired of your job? Do you want to own your own business but you don't have a unique idea? If so, then a franchise might be the perfect avenue for you to become your own boss.

Are You Ready To Buy A Franchise?

How many times have you gone into work on Monday morning dreading the week ahead of you? Meetings, appointments, deadlines, and bosses are just some of the challenges in your everyday work life.

Are you tired of the bickering that occurs or small matters that take up much of your time to align your team? There are numerous pressures that hit us throughout our work life and finding balance and an opening for happiness in our careers is very important.

Many small business owners experienced similar challenges in their workplace, but they took action to define their independence and financial security. The irony is that those challenges at work don’t always go away when you have your own business, staff, and your financial pressures. But they are often more manageable when the business is yours.

A number of considerations for purchasing a franchise:
Define what you enjoy – what is your hobby, interests, where and how do you spend your time away from your career. Look inside yourself to see the possibilities of creating a career out of your passions – the benefits may define motivation and success for you.

What is the purpose – it is easy to say independence or financial security but that is not inherently wonderful in own a franchise. Know that the grass is NOT always greener on the business ownership side and address your own challenges before putting your family, life and finances on the table.

Financial needs – assess your access to funds to invest and your goals for where you want to be in 5 years, 10 years, etc. It will be easy to get caught up in the short-term excitement of owning your business opportunity, the key is choosing the right franchise business as a vehicle to achieve your goals.

Franchise businesses are a great opportunity to establish your independence and secure financial goals. These achievements don’t always come easy and they must begin with your understanding of your strengths and purpose in life.

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: business opportunity, challenges, challenges, challenges, challenges, financial pressures, financial security, financial security, franchise business, independence, independence, independence, small business owners



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!


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

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:

Popular Articles

What Makes an Extraordinary Business Consultant?

How to choose your executive coach -1

Sales Flubs

Suggestions

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.