Article by Grahame Clark
The key to finding the right franchise is self-knowledge. Yes, it?s important to select a franchise that is recognizable and a leader in its field, but it?s just as important to choose a business that fits your skills, goals and lifestyle.
Instead of going with the first franchise that looks good, take the time to really analyze yourself and figure out what you want to accomplish with this business. How do you do this? By taking it slow and reviewing your talents and skills, then finding the type of franchise that fits you best.
Franchising Opportunities can certainly be less risky than starting your own business from scratch. The franchisor has already done a lot of the dirty work for you: they?ve created a strong business plan, they?ve built strong brand name recognition, and they?re usually responsible for most of the marketing and advertising.
Franchising is a comparatively new business concept as measured against the scope of history. It is a business option that carries a much higher success rate than traditional independent businesses. Owning a franchise business opens limitless opportunities. You can become your own boss and lead an affluent lifestyle.
Before you can select a franchise, you need to ask yourself many questions, the most important one being ?will this franchise help me fulfill my business goals and dreams?? The only way you can answer this is through self-examination. Get out a pen and paper and make a list of all your strengths and weaknesses. Be honest here ? you don?t want to pick the wrong franchise and later discover you?re trapped in a legal obligation that?s difficult to get out of.
Your next step will be to decide which service or product you want to invest in specifically, once you are committed to invest in a franchise business. You should also consider the details and the scope of the franchise business you want to get into in terms of investment opportunity, market viability and profitability etc.
It is a good idea to consult with experienced entrepreneurs in the same field of business before starting a franchise business. Owning and operating a business is a large commitment as it involves a lot of time, energy and money. So you do not want to be stuck running a business that you do not enjoy nor is the right fit for you.
Also during the current period of recession, the franchise industry is one of the sectors that run by their goodwill and hence can be immune of the present situation. In most of the developed countries, the major corporate house at some point of time encases their established brand image through franchise business opportunities. You can take cue from the Hampton Inn, McDonalds, Pizza Hut, etc.
Today, locating your ideal franchise business has become much easier with all the resources available on franchise opportunities. 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. Franchise directory like franchisebazar.com provide wonderful opportunities to various franchise companies to showcase their organization and establish their brand name over internet community. This established franchise directory covers almost all the various sectors of franchise business such as business services, retail, senior care, home improvement, and food services etc.
It is really tricky to pick the right franchise opportunity for you as there is huge number of franchise opportunities available. It is also very important that your interests match your choice of franchise business. To begin with, carefully take stock of what you want to achieve out of life, what you want out of your business and what you really enjoy doing. Note down a list of your desires, passions and interests. You also need to consider your previous job experiences. These things surely help you find the right kind of franchise opportunities for you.
If you want to lower the risk of owning a traditional business, explore the possibility of franchise business ownership. Be sure to get a copy of the franchiser?s disclosure document before investing in any franchise business. Established enterprises such as restaurant franchises or coffee franchises depend on their franchises to penetrate untapped market segments at a lower risk of failure. The brand recognition and the high quality standard already established by previous chains provide a huge advantage to new franchisees for any franchise business opportunities.
While it?s your job to work hard and make your business a success, your franchisor has a certain obligation to help along the way. Here are a few tips when investigating different franchises.
A proven system of success. If the franchisor?s system isn?t strong and proven to work, don?t pay for it. Don?t let your franchise fees fund their learning process!
A commitment to quality products and services. Stay away from companies that are more interested in selling franchises than they are in supporting their system and providing quality goods.
Provides information before you buy. A franchisor should answer all of your questions before you sign the agreement. Some details might not be available until you sign on the dotted line, but they shouldn?t intentionally withhold information.
A vision you believe in. You should like your franchisor and their vision should be compatible with your own. You need to feel comfortable with the direction they will take in the future-businesses change all the time, so pick a franchisor with a vision you can endorse.
A recognizable name. It?s best to select a franchisor with a well-known trademark to maximize your potential for success. There may be greater growth potential with a newer franchisor, but a greater risk of failure goes with it.
A fair agreement. Most franchise agreements favor the franchisor, of course, but your rights must be protected at the same time-find a franchise that recognizes your equity rights in the business that you will work hard to create.
Excellent training. Find a franchisor with a commitment to long-term training. Training should be low-cost or free, as part of your agreement. Your franchisor should also make frequent visits to your location to get a ?feel? for your area, which will enable them to tailor their assistance to your unique needs.
Strong resources. Make sure your franchisor has the resources to help you if you ever get into financial trouble. Will they come up with ways to help you increase sales? Can they help you sell your franchise when the time comes? A strong head office is also important-does your franchisor have the means to do their job properly? If a franchisor doesn?t have the resources to gain market penetration or build a brand name, stay away.
No litigation woes. Although litigation isn?t automatically a bad sign, be sure that any litigation doesn?t affect your franchisor?s ability to help you do your job. Look for patterns in litigation-if the same type of suit is filed over and over, it indicates a true weakness in the system.
Choosiness. Each franchisee is a reflection of the overall system-steer clear of a franchisor that will sell to anyone with the right amount of money. Your reputation is on the line if weak links in the system affect your business.
Franchisee satisfaction. Are most of the franchisees in the system happy with their choice? Are they successful and would they recommend the business to others? Investigate some very successful franchisees, some who are doing poorly and some who are out of business to get a true, overall picture of the opportunity.
Selecting a franchise is not a spur of the moment decision ? it takes time and consideration to find the right fit for your needs. Although you?re excited about the prospect of owning a business, slow down and really get to know yourself before moving forward with any franchise opportunity ? the time you spend now is a small investment in your future success.
About the Author
Franchise Bazar provides you information about different types of franchise opportunities available in the market. Here you can get all the information about several types of franchise and business opportunities available for new and existing business owners.
Use and distribution of this article is subject to our Publisher Guidelines
whereby the original author?s information and copyright must be included.
Franchise Bazar provides you information about different types of franchise opportunities available in the market. Here you can get all the information about several types of franchise and business opportunities available for new and existing business owners.
Use and distribution of this article is subject to our Publisher Guidelines
whereby the original author?s information and copyright must be included.
Source: http://www.simonrickett.com/tips-to-find-right-franchise-opportunities/
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Franchisors should always focus on increasing revenue of their brand product all over the area which it is covered. A good franchiser give a great support to their franchisees.
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