5 Things To Consider When Selecting A Franchise Business
Tuesday, January 26, 2010, 1:03 AM | 5 Comments
Have you been out of work for a while? Does your next job seems to be getting farther and farther from your person? Do you have some financial resources available? If your answer is yes, then I suggest you think about taking a different route other than the traditional jobs you have so successfully worked at for so many years. I can imagine very well that you are self-motivated and have always had a desire to be your own boss. It may very well be the time to consider starting your own business.
Why consider a Franchise?
According to the United States Chamber of Commerce, franchise businesses have a 97% success rate within 5 years of opening. You can’t beat that with another type of business. There are a variety of franchises available – some extremely expensive but with potentially bigger return and some not so expensive. However, before you start on the franchise bandwagon, consider the following.
- You must like what you do
There are many franchise opportunities such as food chains, fitness gyms and pet franchises. Start with a franchise that you really can afford and better yet can love it for a long time to come, while still making a profit. - You can be a franchisee start-up in less time than other businesses
Most reputable franchisers will help expedite the start-up phase. They will provide you with an action plan that you can easily work at. If you don’t have previous business management experience, the franchisers will help you make crucial decisions such as site location, hiring new staff members and promoting your grand opening. - Select a national or regional franchise brand
If the brand has awareness already in customers’ mind, they will enter your business premises with that knowledge and they will find themselves in known territory. Plus you get appropriate advertising materials to effectively promote your business and help make it a success. - As a franchise owner, you reduce the risk as a business owner
You are essentially buying into a proven successful business model that offers experience, expertise and resources to help support the growth of your business. That way you minimize costly mistakes. - Select a franchise that will give you an on-going business support
Franchisers can provide guidance and training so your business can grow and prosper. Franchisees receive on-going assistance with customer satisfaction, technology, marketing, recruitment, and the profitability of your business.
Search for ‘your’ perfect franchise opportunity
Using your favorite search engine, do your own research. Once you select the brand and the franchise, search for reviews online. Also there are experts and consultants in the franchise business who can help you select a franchise. But mind you, some are too expensive to even consider talking to them. There are scammers and schmucks in any field and franchise consultants are no exception.
In a Nutshell
If you have the know-how and expertise of starting your own independent business – of any kind – then obviously that must be the route for you. For others, franchise business may be a better option. Read online sites such as entrepreneur.com and inc.com and a whole lot more regularly and I am sure you will soon find the business of your dreams – franchise or not.
What do you think?
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5 Responses to “5 Things To Consider When Selecting A Franchise Business”
By Dan Waldron on Jan 26, 2010, 1:10 am | Reply
Thanks for posting the article, was certainly a great read!