Buying a franchise what to consider
Buying a franchise what to consider
Many prospective franchisees have never been in business on their own account so the first on the list for evaluation should be him or her self.
Self examination must be objective and realistic and should enable the prospective franchisee to reach a conclusion about what sort of franchise would be best after taking into account such factors as, for example:
What do I do best – manual work, selling, organising, mixing with people?
Does my family support me?
Am I capable of putting all my financial eggs in one basket?
Do I really appreciate the stress levels which go with self employment?
It is important to weigh up the pro’s and cons of franchising compared with other ways of going it alone. The pro’s include:
training;
benefiting from being able to use a tried and tested business system;
continuous back-up and support;
being part of a larger organisation or benefiting from the advantages which size produces, eg. bulk purchasing and pooled resources.
It is necessary to investigate the Franchisor and how long it has been in business; the shorter the period the more searching the enquiries the longer the period the more likely that there is a track record on which to check up.
Choices may need to be made between the franchisees on offer to be certain that the right decision is made.
There are danger signals:
Do not become involved in Pyramid Selling schemes ie. where selling participation rights is more profitable than selling the end products or services if indeed there are any;
Heavy initial fees and low or non-existent continuing fees;
a contract which does not match the promises;
a hard sell;
get rich quick offers;
unhappy existing franchisees in the system.
You are strongly recommended to contact the British Franchise Association and obtain a Franchisee Information Pack which will provide you with a further explanation.
Buying a franchise what to consider - To learn more about this author, visit Nick Strong's Website.
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There is more to making a decision to buy a franchise than to evaluate the proposition.
Many prospective franchisees have never been in business on their own account so the first on the list for evaluation should be him or her self.
Self examination must be objective and realistic and should enable the prospective franchisee to reach a conclusion about what sort of franchise would be best after taking into account such factors as, for example:
What do I do best – manual work, selling, organising, mixing with people?
Does my family support me?
Am I capable of putting all my financial eggs in one basket?
Do I really appreciate the stress levels which go with self employment?
It is important to weigh up the pro’s and cons of franchising compared with other ways of going it alone. The pro’s include:
training;
benefiting from being able to use a tried and tested business system;
continuous back-up and support;
being part of a larger organisation or benefiting from the advantages which size produces, eg. bulk purchasing and pooled resources.
It is necessary to investigate the Franchisor and how long it has been in business; the shorter the period the more searching the enquiries the longer the period the more likely that there is a track record on which to check up.
Choices may need to be made between the franchisees on offer to be certain that the right decision is made.
There are danger signals:
Do not become involved in Pyramid Selling schemes ie. where selling participation rights is more profitable than selling the end products or services if indeed there are any;
Heavy initial fees and low or non-existent continuing fees;
a contract which does not match the promises;
a hard sell;
get rich quick offers;
unhappy existing franchisees in the system.
You are strongly recommended to contact the British Franchise Association and obtain a Franchisee Information Pack which will provide you with a further explanation.
Buying a franchise what to consider - To learn more about this author, visit Nick Strong'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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Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva'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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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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