Owning A Franchise
An important piece of “the American Dream” is owning a franchise. Although franchise ownership is not for everyone, it is a highly successful way of entering business ownership with the help and guidance of a franchisor. It truly is “being in business for yourself, but not by yourself.”
Franchising today is represented in over 70 strategic industry classifications. The good news is that franchise ownership has brought significant wealth and success to many Americans. However, the challenge for most prospective entrepreneurs is finding the right franchise. This is where a franchise coach can make the process much easier for you.
Today franchises have become much more sophisticated in both numbers and presentation. There are literally thousands of franchises representing many industries. However, you will find that other than industries, franchisors can be acquired in specific categories. Examples include: home-based, van driven, brick-and-mortar (such as retail/restaurants), multiple license locations, passive (semi-absentee) and Regional/Area Developer.
An understanding of these categories along with a specific franchisor is extremely important. Success in franchise ownership most often occurs when the prospective franchisee finds “the right fit” with a franchisor. Believe it or not, industry experience is not a paramount requirement in this area. In fact, many franchisors prefer that a prospective franchisee not have industry experience. This is due to having to possibly retrain on bad habits or perceptions. What is important is that the prospective franchisee have the right skill sets, financial capability and general comfort level with the franchise. These are all areas that your franchise coach will be able to help you.
What are the advantages of owning a franchise?
- Franchises offer the independence of small business ownership with the support and benefits of a big business network
- Franchises have a much higher rate of success than independent startup businesses.
- You don’t need business experience to run a franchise. What is important is that you have the skill sets and work ethic to successfully drive the franchise.
- Franchises frequently offer economies of scale in the purchasing of goods/services.
- Franchises can also hasten the development of brand-name recognition.
- It is much easier to determine the success of a franchise business model by going through a franchise’s “discovery” and focusing in on validation with existing franchisees. Is the franchise doing what they say? Are they profitable and making money?
“Live and learn.” This is a cliché that has stood the test of time. Successful business owners who choose to learn from the lessons of others can save themselves both time and money. A skilled, experienced franchise coach can be there to help guide you to the right decision.
When you work with us, we’ll go through a franchise matching process designed to identify viable options that will fit well with your goals, needs and expectations. Whether you plan to buy a franchise in the continental United States or on the other side of the world, we’re here to apply our successful experience as franchise coaches that can put you a step ahead!
Save Time and Money!
It’s human nature to want to experience success sooner rather than later. In a society that’s growing more and more reliant on instant gratification, it can be easy to make quick decisions. We will help you to obtain the best information and help you make a good sound business decision.
Before you move forward with your goal to invest in a franchise, allow us to help you both save time and dollars. Quantitatively and qualitatively take a step back and make informed decisions every step of the way. To get started, we can help you:
- Clearly define your goals, needs and expectations
- Evaluate your options in relation to your goal, need and expectations
- Pick your best option based on valuable information provided by:
- Discovery with the franchise you are looking at
- Financial advisors
- Legal counsel, if needed
- Validation with other franchisees
It is important to know that the cost of franchise ownership is not increased as a result of your working with a franchise consultant. The cost of franchise ownership is the same whether you use our services or not. Your franchise consultant is paid by the franchisor as the franchisor is looking for the best franchisees possible. You should also understand that good franchisors award their franchise licenses. It is important to understand that their future success is dependent upon their franchisees being successful. Obviously, there are exceptions to this with weak and underperforming franchisors. Working with a franchise consultant helps provide additional filters against owning a weak and underperforming franchise.
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