Building Your Dream Franchise Business

October 26th, 2020 by admin No comments »

Everybody dreams of becoming his or her own boss, but is it so easy to kiss your job goodbye? Yes, it is possible if you open a franchise business. Owning a franchise business opens limitless opportunities; you can become your own boss and lead a great lifestyle.

With all the resources available on franchise opportunities nowadays, locating your ideal franchise business has become much easier. There are plenty of websites that provide detailed information on owning a franchise business. These websites help potential franchise owners find the best possible franchise information on business opportunities and franchises for sale. These franchise directories are essential tools to help entrepreneurs find new business ideas for any new enterprises. Most of the more established franchise directories extensively cover the franchise industry sectors such as retail, business services, home improvement, food services, and senior care etc.

As there are a huge number of franchise opportunities available, how do you pick the right franchise opportunity for you? It is important that your interests match your choice of franchise business. To start with, carefully take stock of what you really enjoy doing, what you want out of your business and what you want to achieve out of life. Write down a list of your interests, desires and passions. What kind of jobs have you held before or what past opportunities have you explored? After you have reflected on these questions, give some thought on the type of franchise business opportunities that appeal to you and that can help you realize your ambitions and goals.

Once you are committed to buying a franchise business, your next step will be to decide which service or product you want to invest in specifically. You should also investigate the scope and the details of the franchise business you want to get into in terms of profitability, investment opportunity, market viability etc.

Before starting a franchise business it is a good idea to consult with experienced entrepreneurs in the same field of business. Owning and operating a business is a large commitment as it involves a lot of money, time and energy, so you do not want to be stuck running a business that you do not enjoy nor is the right fit for you.

Many franchise businesses opportunities in the United States are a perfect fit for small business owners starting down the road to entrepreneurship. Starting with a small business franchise makes sense if you are looking for an opportunity that is a safer investment than traditional business.

Explore the possibility of franchise business ownership if you want to lower the risk of owning a traditional business. Before investing in any franchise business, be sure to get a copy of the franchiser’s disclosure document. Established enterprises such as coffee franchises or restaurant franchises depend on their franchises to penetrate untapped market segments at a lower risk of failure. For any franchise business, the brand recognition and the high quality standard already established by previous chains provide a huge advantage to new franchisees.

Five Advantages and Disadvantages to Franchise Businesses

October 15th, 2020 by admin No comments »

Many Americans dream of owning their own business and being in control of their destiny. The only issue is that very few folks will actually dive in and take the risk to become their own boss. The reason for this holdback: it’s the fear of failing.

The rate of failures on startup businesses varies from person to person. However, Scott Shane of Case Western Reserve University often has his data cited. He states that failure rates in one year are about 25 percent and 10-year failure is about 71 percent. What do these numbers mean? If four businesses begin in one year, one business is bound to fail in that first year. 71 percent of businesses currently open will be shut down in 10 years.

Understanding Entrepreneurship In Franchising

Since failure rates are high, it’s of no surprise that very few people will try their hand at it. Many people don’t know that a way to become a business owner is to start a franchise. Franchises have less of a chance of failing and are actually do well monetarily. Using the same 10-year study from above, nearly 62 percent of franchises are still in business, an extremely high figure.

Why Franchises Stay In Business

Why is it that franchises stay in businesses longer than a startup company? Franchises have a large quantity of advantages that novice entrepreneurs don’t have, which means the venture is less risky.

Five Advantages of Franchises

Advantage 1 – Training and Support

Franchise businesses will give new franchise owners plenty of training and support in the beginning. Franchisers get a fraction of the profits so it’s in the best interest to ensure that the spin-off franchises do well. Smaller franchises offer people consequential support.

Advantage 2 – Purchase Company Model, Not Just Name

The big reason franchises tend to last and thrive is that the business model is already working. It’s not just about the name or the brand; it’s the model itself that helps to make this franchise successful.

Advantage 3 – Bargaining Power

When you have a franchise, you have some bargaining power with your suppliers. Independent, new business owners don’t have this kind of power or luxury and must earn it, unlike a franchise.

Advantage 4 – Expert Support

When you get involved with a franchise, your business is not alone. If you ever have problems or questions then you seek out some advice. Whatever business franchise you go into, you’re bound to have hundreds of people you can turn to that would love to give you advice so that you succeed. Many larger franchises will also give individual training and support.

Advantage 5 – Well Capitalized

Most franchises are well capitalized, which makes them have a high survival rate. Most startup businesses don’t have this luxury. People who want to get involved with franchises usually have just enough requirements to buy into the business.

Five Disadvantages of Franchises

The disadvantages of franchises are pretty clear-cut. Make sure to understand them before you decide to that the franchise business is right for you.

Disadvantage 1- Loss/Lack Of Control

Independent franchises often have to follow the guidelines set forth by the franchise including what kinds of tables to use, wallpapers and more. If you don’t want to give up that control, this won’t be the business for you.

Disadvantage 2 – Less Long-Term Profits

Franchises are a big business but making it rich isn’t always there. You’ll earn a decent income but nothing like Microsoft or any other Fortune 500 company.

Disadvantage 3 – Hard To Sell

When you have a franchise, it’s harder to get out from underneath it especially if it seems the parent company is having problems.

Disadvantage 4 – Possibility Of Parent Company Going Out Of Business

It doesn’t matter if your business is doing good or not; if the parent company goes under, so will you. Make sure you choose a company that’s been doing well, both in good times and in bad.

Running a Successful Franchise Business

September 25th, 2020 by admin No comments »

It is a lifelong dream for many to be their own boss and own a business. However, running a business can be very challenging and financially risky. Finding the right franchise that fits your personality and lifestyle can reduce the risk and make the dream of owning a business come true.

To understand how a running a franchise business can work, you must first understand what it is. A franchise is a business agreement where an individual purchases the right to use a company’s name and sell the company’s products or services. The company, or franchiser, retains the right to set guidelines and standards that you, the franchisee, must meet. Failure to comply with the company standards will result in the individual losing their rights to the franchise.
There are many successful franchise businesses available to potential proprietors. A major advantage of franchising a successful company is that they have already established their brand, advertising campaigns and have tested products and services. They know how to succeed, and have already eliminated any mistakes. A person entering into a business on their own must go through all of these pitfalls before any success can be measured, but a franchiser has already done the startup work for you and found a business plan that is profitable.

You ask yourself some very important questions before you enter into a franchise agreement with a company. Do you enjoy the freedom of testing new ideas and business models or would you rather stick to a proven track record or success? Remember that owning a franchise business means you must stick to the business plan of the franchiser. How much money can you afford to spend? It costs a lot of money to get a franchise running, and there is never any guarantee for success. Often times, you – the franchise owner – may have to dip into a reserve savings in order to pay your bills and maintain payroll.

Are you willing to work long hours? Owning a business requires you to be ready to tackle any problems that arise at any time of the day or night. Owning a franchise business is no different. It is not uncommon for a franchise owner to put in 12 or even 16-hour days, especially in the beginning. A franchise owner must take on multiple responsibilities, including human resources, marketing and accounting. Make sure the dedication a franchise requires is something you – and your family – can handle.

Find a reputable franchise consultant to help you narrow your focus and find the business that is right for you. A franchise consultant will be there to answer any questions you may have and help you navigate through the uncertain waters of franchise ownership. It can be overwhelming when trying to decide what franchise would be the right fit for you and your family. A franchise consultant will provide you with the research and support to help you make an informed decision and offer guidance in quest to become a successful franchise owner.

5 Ways to Find Out If a Franchise Business May Be Right for You

September 6th, 2020 by admin No comments »

Are you the right kind of person to start up a franchise opportunity? Look at our 5 hints below to see how you measure up:

1. Do you like the idea of operating a proven business?

If the answer is positive then a franchise opportunity is simply that… a business idea which has been proven and found to be effective. Quite simply, you benefit from somebody else’s time and effort in trying and testing out a viable business structure. Should the reply be that you simply enjoy the challenge of taking a commercial idea of your own design and testing it for yourself, then a franchise may not be what you’re seeking.

2. Are you a Leader or perhaps a Follower?

If you tend to be a follower and you are happy to go along with other peoples ideas, then a franchise opportunity could well be suitable for you. One of the most crucial aspects of a franchise business is that the franchise system is ‘followed’ as meticulously as possible so that it can be successful. If, however, you prefer to adopt the lead position, invent some of your own concepts and others have a tendency to follow your lead, you may find a franchise opportunity cramps your entrepreneurial spirit.

3. Are you willing to learn?

A central part of adhering to a successful formula will likely be to learn how it really works in and out; getting educated on the processes and business procedures which will help you operate the enterprise effectively. Fortunately, the majority of franchisors provide training as an integral part of the franchise package. If you’re keen to master new methods and business processes, even though they might go against how you might have done comparable duties before, then you could potentially find a franchise business suitable.

4. Do you think you’re willing to work hard?

This is certainly an issue that could apply to any business endeavor regardless of whether its it is a franchise or a traditional business model. Do not be fooled into thinking that a tried and tested system guarantees that it’ll be successful regardless of whether you work hard or not. Like an engine, the tested approach needs to be driven for it to accomplish anything; the harder you propel it forward, the greater progress you could make. The important thing here is not really the work itself, but understanding that operating your own venture could involve a good deal more time and effort than simply doing a regular job where you arrive at 9.00am and leave at 5.00pm. Not surprisingly you will discover different types of franchise which will control the kind of work you’ll do. A white collar business opportunity, for example might involve longer hours working from your desk, where as a van based business could indicate you are out visiting clients a lot or working more using your hands. Particularly in the early stages, you might find yourself needing to work more time and putting in one hundred and fifty percent energy to be successful. But you will have the satisfaction and pay back of building up your own business.

5. Do you have access to spare capital to invest in starting up a business?

Every business enterprise needs a quantity of capital in order to get off the ground. Depending on the franchise business decided on, you will find a varying startup fee paid to the franchisor which could be as small as a few thousand pounds or it may run into tens of thousands. You will also need working finance to start the business; getting hold of business premises if needed, initial supplies, etc. Even if you don’t hold much yourself, it may be you have a family member that might wish to make an investment or you can just ask the franchise department of one of the major high street banks that specialise in financing franchise startups.

Naturally the five tips above aren’t designed to be inflexible and fixed rules; everybody is different! It’s made to be a general guide or rule of thumb which may offer an indicator to whether a franchise business may be suitable for you. If the answers were overridingly negative it might indicate that you would discover that operating a franchise business challenging or conflicting. If you feel that you can get over those challenges, running a franchise can still be a possible choice, and something you might look at. If your responses were generally positive then its highly probable that you might well take pleasure in running a franchise business and it might be time to start a search for your franchise match.

21 Secrets to Franchise Business Success

March 13th, 2020 by admin No comments »

1) Evaluate your tolerance for risk

Opening a new business is a scary prospect. There’s a lot of personal, professional and financial risk to consider. It’s natural when contemplating such a profound step in your career to look at ways to manage your risk and increase your chance of success.

The Small Business Administration conducted a survey that found 62% of non-franchised businesses failed within 6 years. A separate study by the United States Chamber of Commerce found that 97% of franchises were still open after 5 years.

The research conducted by these independent third party organizations clearly demonstrates that choosing a franchise business carries significantly less risk than starting a business on your own.

2) Work with what you’ve got

Making a list of your strengths is easy. But when launching a business, it’s also important to make an honest assessment of your weaknesses.

Before you get to work selecting a franchise, take the time to develop a list that honestly depicts your strengths and weaknesses as a potential business owner. Then use this profile as a tool to help with the decision making process.

Ask franchise owners questions about the duties they perform, and compare the job requirements to your profile. If the business has the potential to be a good fit, the skill sets required to run the business will either be skills you already have or skills you can learn quickly. If this is not the case, it’s best to keep looking.

If a certain aspect of a franchise has a steep learning curve but the business is otherwise a great fit, you may want to consider hiring someone experienced with that position. If this is the choice you make, be sure to include their salary and benefits in the financial business plan.

3) Remember to run the business

Many potential franchisees make the mistake of thinking they’re limited to buying a franchise in their current field. In fact, this might be the worst way to go.

Some franchises will not allow someone skilled in a particular industry to buy a franchise in that industry. For example, a mechanic may not be allowed to purchase an auto repair franchise. Skilled technicians sometimes find the transition from hands-on work to management work difficult to make, and are tempted back onto the floor to do the job they’re familiar with.

The problem with this is that you grow the business by running the business, and what a franchisor wants to see on the bottom line is growth. A business owner needs to be out networking, marketing and interacting with customers. If there’s too much work on the floor of an auto repair franchise, then the owner – even if he’s a highly skilled mechanic – needs to hire more mechanics.

Basic business skills are transferable to any franchise. If your current position involves universal roles like sales, marketing or accounting then your franchise options are practically unlimited.

4) No business is recession-proof

There’s no such thing as a business that can’t be impacted by a faltering economy.

There are, however, certain industries that are considered recession “resistant.” These are generally products and services people can’t do without no matter how much they’re cutting the budget.

The good news is there are hundreds of great franchise opportunities in recession resistant industries. The following are just a few examples:

Top recession resistant industries: Food · Automotive · Healthcare · Medical·Clothing · Education

Recession resistant franchise industries: Fast food restaurants· Automotive maintenance, parts and repair · Weight loss and fitness · Resale shops and discount (dollar) stores · Education (tutoring) and child care

5) Objectively evaluate professional advice from personal sources

Friends and family have your best interests at heart, and their advice comes from a place of love and concern for your well-being. No one would suggest making the personal, professional and financial commitment to launching a business without consulting your loved ones.

But friends and family are not subject matter experts and their advice can – intentionally or not – discourage a new business venture. The people who love you worry about what could happen if you fail, and their instinct will be to protect you from the risk.

When it comes to the final decision whether or not to proceed with purchasing a franchise, of course you will carefully weigh all the advice you’ve received. The key is to rely most heavily on the advice offered by industry professionals.

6) There’s no such thing as a free lunch

There are countless “free” franchise brokers and consultants out there claiming to offer unbiased information on franchise opportunities. They will work with you to assess your needs, and use your professional profile to help make recommendations on franchise opportunities that may suit you.

The problem with these services is that they get paid by the franchises for selling franchises. That means they are naturally only going to show you options they’ll get paid for. And in the case of high profile franchises that may offer them 2 to 4 times the average commission, there’s a real risk they may steer clients to those businesses whether they’re a good match or not.

These broker services may have access to detailed data on several hundred franchises and they can be a great source of information. Just be cautious about their recommendations, and get a second opinion before investing your money.

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Marketing, Promoting and Advertising Your Business

February 28th, 2020 by admin No comments »

One thing that goes without saying in today’s business world, is that regardless of the nature of your home based business, a website is an absolute MUST. Whether you have a product or service to sell, whether local or global, your business will go nowhere fast if you don’t have an online presence. If you need internet marketing help, you’ve landed on the right article. I’ll give you some home based business marketing ideas that will help you promote your business successfully.

The first step is choosing a domain name and getting it registered. You can build your own website (if you have the time) and host it yourself or you can have everything done by another company (if you have the money). Either way, you have many options and tools at your disposal that can align with your business plan and budget. Also note that you can still start your own home based business even if you don’t have a product or service to sell. There are thousands of individuals and companies that have products you can sell for them while earning a commission, called affiliate marketing.

Of the many business marketing strategies known to man, internet marketing is, hands down, the best strategy to use for promoting a home based business as it is the cheapest method and has the potential for reaching millions of people all over the globe. Driving traffic to your site through online resources is like killing two birds with one stone. You can tackle print advertising by writing articles and publishing them to directories and ezines and by submitting ads to the many available (and most of them free) classified ad sites. Online media advertising encompasses writing press releases and distributing them to press release sites. One of the biggest and most popular online advertising trends today is via social media advertising through sites such as Twitter, Facebook, and LinkedIn where you build relationships with your customers. Forums and communities are also great ways to build relationships which helps promote your home based business in the long run. Simply Google your market or industry with the word ‘forum’ or ‘community’ behind it and search for one or two that seem to be the best fit for you.

All of these methods of online advertising contribute to search engine optimization (SEO), which is to say improving your online visibility and escalating in the search engines like Google, Yahoo and Bing. Your goal is to claim the #1 spot in the organic search results (the results on the left, not the right side which are paid ads). This is where your traffic will come from. If you are 800 in the list of search results, no one is ever going to see your site because very few people have the time or patience to scroll through 800 search results. Research shows that people typically won’t even scroll past 4 or 5 search results, let alone 800.

Can you grasp the importance of internet marketing for any business? If you are new to the internet marketing phenomenon and don’t know exactly where to start, there are many great programs or systems online that walk you through every aspect of marketing your online business. A lot of these systems were created by online entrepreneurs who have spent thousands of their own dollars trying to figure it all out over the years and finally DID. Their sacrifices have made it easier for newbies to become successful at their own online home based business. If you are new to running your own home based business, I recommend you find a great system (do your research, read reviews, ask questions in forums) and start marketing your home business from there. Don’t waste the time and money that so many of us have in going it alone, without a proven system, as it will just set you back further and hinder your progress.