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

September 6th, 2020

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

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

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.