Is franchising right for me?
Is franchising right for me?
However, whilst it is a safer route into self employment, don’t underestimate the heavy toll that starting a business can take on your life. There are inevitably going to be lifestyle changes when you become your own boss, which could include working longer hours, added pressure, stress and financial uncertainty, particularly in the early years. Running your own business – whether it’s a franchise or not - requires self motivation and as rewarding as it can be, it will always be a challenge.
When considering whether franchising is the right option for you, one of the first decisions you need to make is what type of business you have an aptitude for and you will enjoy. Eliminating unsuitable opportunities is relatively easy as most people will know whether they wish to be an owner operator or manage a team. They should also have an understanding whether they wish to run a business from home, an office or a vehicle. Everybody will have a financial budget to operate within. Once the options are narrowed down to a handful of suitable opportunities these will require further in-depth investigation.
Investing in an established franchise will as far as possible reduce the inherent risks in setting up a new business. It is important to evaluate the strength of the brand and the long term viability of the franchise. Unproven systems that have not operated a successful pilot scheme carry a significantly greater risk to the investor. It is essential that you undertake thorough research on the franchisor and the franchise package before making a commitment to invest.
An established franchise will have a track record of success and possibly some failures. It is important to investigate why they have been successful and what lessons have been learned from the franchisees that have failed. Ask for a list of franchisees and take the time to speak to as many of them as you can. The franchisor should provide this information willingly once they establish you are genuinely interested in their franchise opportunity. It is likely that they will want to manage the process but don’t be directed to only speak to the people the franchisor wants you to and who are likely to provide the most favourable responses to your questions. You should choose which franchisees to contact, talk to more than one and get a balanced view.
Not everyone is cut out to run a franchise, so the trick is to think things through carefully, get professional advice and - when you explore your options, don’t leave any stone unturned.
Is franchising right for me - To learn more about this author, visit Nick Strong's Website.
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Franchising is becoming an ever more popular method of setting up and expanding a business and it is easy to see why. Franchising provides a proven format, name awareness, support and guidance. It can offer vast rewards and compared to starting your own business from scratch it can be a relatively safer route into self employment.
However, whilst it is a safer route into self employment, don’t underestimate the heavy toll that starting a business can take on your life. There are inevitably going to be lifestyle changes when you become your own boss, which could include working longer hours, added pressure, stress and financial uncertainty, particularly in the early years. Running your own business – whether it’s a franchise or not - requires self motivation and as rewarding as it can be, it will always be a challenge.
When considering whether franchising is the right option for you, one of the first decisions you need to make is what type of business you have an aptitude for and you will enjoy. Eliminating unsuitable opportunities is relatively easy as most people will know whether they wish to be an owner operator or manage a team. They should also have an understanding whether they wish to run a business from home, an office or a vehicle. Everybody will have a financial budget to operate within. Once the options are narrowed down to a handful of suitable opportunities these will require further in-depth investigation.
Investing in an established franchise will as far as possible reduce the inherent risks in setting up a new business. It is important to evaluate the strength of the brand and the long term viability of the franchise. Unproven systems that have not operated a successful pilot scheme carry a significantly greater risk to the investor. It is essential that you undertake thorough research on the franchisor and the franchise package before making a commitment to invest.
An established franchise will have a track record of success and possibly some failures. It is important to investigate why they have been successful and what lessons have been learned from the franchisees that have failed. Ask for a list of franchisees and take the time to speak to as many of them as you can. The franchisor should provide this information willingly once they establish you are genuinely interested in their franchise opportunity. It is likely that they will want to manage the process but don’t be directed to only speak to the people the franchisor wants you to and who are likely to provide the most favourable responses to your questions. You should choose which franchisees to contact, talk to more than one and get a balanced view.
Not everyone is cut out to run a franchise, so the trick is to think things through carefully, get professional advice and - when you explore your options, don’t leave any stone unturned.
Is franchising right for me - 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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