Tweet

Do You Need Experience to Own a Franchise?

Written by: Tom Parsley

Article Overview: Many people think that because they don’t have a formal education or do not have a lot of business experience, then their options for business ownership are very limited. However, that isn’t necessarily the case with franchises and business opportunities.

Do You Need Experience to Own a Franchise?

Many people think that because they don’t have a formal education or do not have a lot of business experience, then their options for business ownership are very limited. However, that isn’t necessarily the case with franchises and business opportunities.

There are a lot of franchise opportunities and business opportunities available that are perfect for individuals who have the entrepreneurial spirit and work ethic, but do not have the college degree or work experience. This is because the franchisor has developed a proven system; they just need someone like you with the drive and spirit to execute the game plan.

If you are interested in buying a franchise and being successful, then you need ask yourself the following questions:

1. Do you enjoy the industry the franchise is in?
2. Do you have a strong work ethic?
3. Are you willing to follow the franchisor’s plan exactly as described?
4. Are you committed to the franchise in the long-term?
5. Do you like the people in the franchise that you have met?

If you can answer yes to all of the above questions, then you are well-suited to owning a franchise, regardless of your experience level. Again, franchisors are not looking for a franchisee to tell them how to run a business. On the contrary, they simply want a driven, hard-working franchisee that can precisely follow their system.

If you can do that, then you will be successful in virtually any franchise you own, regardless of your business or industry experience.

Related Articles
  About 60% of all franchise opportunities have less than 50 units.
  Translate Your Current Job Skills to Franchise Ownership
  Franchise Business: No experience? Not a problem!
  Questions to Ask Before Buying a Franchise
  Franchising with all its Success

Article Tags: business experience, business opportunities, business opportunities, business ownership, entrepreneurial spirit, experience, formal education, franchise, franchise opportunities, franchisor, franchisor, the franchise, the franchise, the franchise, work experience



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

A Guide to Franchise Financing

Severance and Separation Agreements

What If You Had a 100% Success Rate?

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.