 |
A Franchise - Your own business, but include support and guidance. |
 | 3 |
|
|
|
Submitted by Chet Storm
| RSS Feed
| Add Comment
| Bookmark Me!
Many people dream of running their own business and of giving up the day job. Most of these ambitious individuals only have the most basic of skills needed, and recognize that their business would not stand a great chance of success.
A Franchise is the answer for many of these would-be entrepreneurs.
A Franchise works by the franchiser selling a business plan to the franchisee. The fee paid may include marketing, a site, a website and vehicles in company livery. The most important thing the franchiser provides is training in implementing the business plan.
Franchise businesses have a much greater chance of success because the franchisee has training, guidance and supervision in the early stages. This support is expensive and the franchisee may have to pay a percentage of turnover or profits to the franchiser.
Many high street businesses are run on a franchising business model including McDonalds and many other fast food and coffee businesses. Other favorites are cleaning businesses and vending machine businesses.
A franchise has disadvantages, too. You have to obtain your supplies from a limited range of approved suppliers, or even, just from the franchiser. You have to stick with the franchiser's business image and are not free to develop or change the business image as you want to.
You may find franchises from unscrupulous business owners who have decided to offer franchises in an unproven business to make a quick buck. You need to research any potential franchise in great detail, and to make sure the franchiser is part of a Franchise Member Group. If possible, you should talk to others with the same franchise and try to benefit from their experience.
Franchise operations do offer a supported and easier route into running your own business than just going alone, but there can be heavy upfront costs. Your research will soon show you that most franchises cost between five and twenty thousand dollars. You may find a vending machine franchise for less, and a McDonald’s franchise could cost you a cool $250K.
|
|
|
|
|
LinkedIn Recommendation:
 Carl Madden - Search Engine Marketing Consultant at Osato Tree - There are many times I have been stuck on something, but now I that I am working with Teo Graca, I know I can get unstuck quickly. He has a way of getting at the meat of the solution to any problem when it comes to business planning. I really don't know anyone with such a well rounded skill set. I think that is what makes it possible for him to do what he does. I highly recommend Teo and Net-Teams! - March 15, 2012, Carl was Teo's client |
|
Featured [Entrepreneur] Articles:
|
|
