Is Franchising For Me?

By
A A A
Share |

If you've ever thought about buying a franchise, you've probably already spent some time confronting the most crucial question of all - is franchising right for me? How do I know if I'm suited to be a franchise owner?

Before buying a franchise, it's pivotal to consider whether or not owning and operating a franchise is something that you really want to do. As with any type of entrepreneurship, franchise ownership involves a particular set of skills, as well as a high level of dedication toward making your business successful. Sure, the profits can be immense if you succeed, but you have to succeed first and it's hard to get there if you're not committed to owning your own business.

Tens of thousands of people a year are finding successful and rewarding careers as franchisees. Here are a few advantages that franchise ownership has to offer:
  • When you buy a franchise, you've bought an already established brand with a proven track record.
  • Franchise ownership always includes expert, comprehensive training that it would otherwise take years to acquire.
  • Franchises offer not only training, but also support and valuable marketing tools to help you become successful and profitable as quickly as possible.

By owning a franchise, you'll already be years ahead when it comes to startup and business development and networking. That's because a franchise company will have a successful business model already put into place, with a set of standard procedures and templates for you to use.

If you open a small business on your own, here are some of the things you have to tackle:
  • Creating a business plan
  • Financing
  • Marketing
  • Site location and lease negotiation
  • Hiring employees and establishing HR procedures
  • Creating signage
  • Cataloging inventory
  • Installing software and phone systems

Each one of these factors is pivotal to the successful operation of your business. Unfortunately, these factors are time consuming and often difficult to put in place. The good news is, when you buy into a franchise, these things are already taken care of for you. Franchise companies want to ensure that you're successful. That's why they've established proven business models that cover every type of operational procedure, from lease negotiations and renovations, store promotion and employee hiring to quality control and software systems. You'll have existing inventory and accounting systems to work with, in addition to operational procedures and employee directives already in place.

Franchise companies also offer full-time support and marketing advice for your franchise. You'll have the help you need every step of the way, from your grand opening to your weekly advertising budget.

Even if you have no experience in the franchise business you've chosen, your franchise company will provide you with free, comprehensive training. Within a few short weeks, you'll be ready to tackle any situation that arises in your business. This type of intensive training would otherwise take years to learn if you were running a business on your own.

Franchise ownership is still business ownership. You'll have to be dedicated and you'll have to work hard and hone your management skills. If you've got what it takes, you need to join the tens of thousands of entrepreneurs a year who are finding financial success as franchisees.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in:

Referenced Stocks:

MFV Franchise Expo


More from MFV Franchise Expo:

Related Videos

Stocks

Referenced

Most Active by Volume

32,166,154
  • $10.50 ▲ 12.30%
31,107,376
  • $103.43 ▲ 0.91%
28,941,795
  • $16.145 ▲ 0.34%
24,401,611
  • $20.005 ▲ 2.22%
22,000,509
  • $12.605 ▲ 7.92%
19,112,407
  • $75.84 ▲ 1.36%
18,121,085
  • $50.89 ▲ 2.29%
16,061,088
    $3.63 unch
As of 9/2/2014, 12:50 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com