Franchise Business

Thursday, March 18, 2010

Building Your Dream Franchise Business

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Everybody dreams of becoming his or her own boss, but is it so easy to kiss your job goodbye? Yes, it is possible if you open a franchise business.

Owning a franchise business opens limitless opportunities; you can become your own boss and lead a great lifestyle.

With all the resources available on franchise opportunities nowadays, locating your ideal franchise business has become much easier.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. These franchise directories are essential tools to help entrepreneurs find new business ideas for any new enterprises.

Most of the more established franchise directories extensively cover the franchise industry sectors such as retail, business services, home improvement, food services, and senior care etc.

As there are a huge number of franchise opportunities available, how do you pick the right franchise opportunity for you? It is important that your interests match your choice of franchise business.

To start with, carefully take stock of what you really enjoy doing, what you want out of your business and what you want to achieve out of life. Write down a list of your interests, desires and passions.

What kind of jobs have you held before or what past opportunities have you explored?

After you have reflected on these questions, give some thought on the type of franchise business opportunities that appeal to you and that can help you realize your ambitions and goals.

Once you are committed to buying a franchise business, your next step will be to decide which service or product you want to invest in specifically.

You should also investigate the scope and the details of the franchise business you want to get into in terms of profitability, investment opportunity, market viability etc.

Before starting a franchise business it is a good idea to consult with experienced entrepreneurs in the same field of business.

Owning and operating a business is a large commitment as it involves a lot of money, time and energy, so you do not want to be stuck running a business that you do not enjoy nor is the right fit for you.

Many franchise businesses opportunities in the United States are a perfect fit for small business owners starting down the road to entrepreneurship.

Starting with a small business franchise makes sense if you are looking for an opportunity that is a safer investment than traditional business.

Explore the possibility of franchise business ownership if you want to lower the risk of owning a traditional business. Before investing in any franchise business, be sure to get a copy of the franchiser's disclosure document.

Established enterprises such as coffee franchises or restaurant franchises depend on their franchises to penetrate untapped market segments at a lower risk of failure.

For any franchise business, the brand recognition and the high quality standard already established by previous chains provide a huge advantage to new franchisees.

(ArticlesBase SC #37412)

Susan Jan

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How to Get the Best Franchise Business for Sale

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Are you looking for a profitable business? Are you looking for a business that suits your passion and at the same time earns you sufficient profit? Then looking for a franchise business for sale may be the best option for you.

The right kind of franchise can give you many opportunities and open a lot of doors for you. In fact, a franchise is one of the safest ways to own a business with minimum risk.

A franchise is a system of distributing goods, products and services. When you acquire a franchise, you are granted by the mother company (also known as the franchisor) the rights to sell and/or use their products, service and, of course, brand.

A person or a business enterprise that purchases the franchise is called the franchisee. Examples of companies who sell franchises are McDonald's, Wendy’s and KFC (Kentucky Fried Chicken). Take a look at any of their franchisees and you will see how much profit there is to be made from a franchise business.

A franchise business for sale is potentially profitable for both its seller and its purchaser. This is because, once the franchise is sold, the franchisor earns the royalties from the franchisees while the franchisees earn the profits of the business.

The first way to buy a franchise is the obvious: buy it direct from the franchisor. Another way to acquire it is by buying a franchise business that is on sale from its previous owner.

When purchasing a previously owned franchise, you must be sure that the previous owner has provided the franchisor a disclosure document at least 10 business days before you shell out any money or commit yourself to purchasing the franchise. This is to avoid getting into any problems when you are purchasing the franchise.

Whether you buy your franchise from the franchisor itself or from a previous owner, you must evaluate the business opportunities existing in the niche. This helps you find the right franchise business for sale. Look for a franchise business for sale that suits your personality as well as your physical, mental and financial status.

You should also look for franchises that are related to your educational background and your passions. Aside from these you must also consider your budget. A bigger budget, obviously, will give you more options especially with the more popular franchises. Less established brands will come a lot cheaper, but the risks you take are substantially higher.

After deciding on what type of franchise you want to purchase, you then have to act quick. Franchising is a lucrative business and many people are keen on buying profitable franchise businesses for sale Choose and purchase your franchise as soon as possible.

If you are interested in buying a previously owned franchise then you must act faster. Keep in mind that previous owners would advertise their franchise business for sale on the World Wide Web, newspapers and other publicity items. These advertisements appeal to a lot of potential buyers so you have to be quick with your decisions.

Choosing your franchise is only half the battle. Proper management of your business is vital to the success of your business.

(ArticlesBase SC #585516)

Lizzi

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Perfect Match: you and your Franchise Business

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I’ve compiled this list of the 10 steps you should follow. This advice is based on the knowledge and experience I have collected from two decades in business, including 5 working for a franchise business and my current role as Franchising Manager for website development and Internet marketing company Bloomtools.

Follow these steps that I have outlined in this article and you will be able to make an informed franchise decision without the stress and confusion.

Step 1 – Conduct your research

Use whatever tools you have at your disposal to find out about the franchise industry. A good place to start is the Internet - read articles and reports from the Franchise Council of Australia, search for advice from franchising experts and browse franchise directories to see what’s available.

You should also subscribe to some franchising and small business magazines to get their perspective on the industry. Empower yourself with as much knowledge as possible before you start on your franchise search.

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Step 2 – Know yourself

Before you do anything else, the next step is to take a long, hard look at yourself and why you want to go into franchising. Firstly, brainstorm what you want from a franchise – flexibility? Work from home? A challenge? To work with a strong brand? You also need to honest with yourself about your strengths and weaknesses, your skills and your experience.

For examples, if finance isn’t your strong point then you need to make sure you can get adequate financial support from the franchise you choose. It’s important for you to identify these things so you can base your future decision on them.

Step 3 – Assess your financial situation

As well as knowing yourself, it’s essential that you know your financial situation – you need to be realistic about what you can and can’t afford right from the beginning and also the timeframe you need for accessing finance.

Figure out how much you can afford then choose your shortlist based on that, rather than choosing the franchises you like, then struggling to scrape together the money – starting off on the back foot will make it really difficult for you to succeed in the long-term.

Once you’ve set you’re budget, stick to it! Looking above what you can realistically afford will only cause you more stress and confusion.

Step 4 – Start your search

You’ve equipped yourself with knowledge of the industry and have established your own position, so now it’s time to find some franchise opportunities that you like. The best way to start is to search online directories, because you can conduct searches based on the industry you want to get into and on how much you want to invest.

You should also view the websites of the franchises you like to find out more information about them and the opportunity they are offering. Ideally, the website should have a section dedicated to franchising with lots of information, like on the Bloomtools website.

Step 5 – Shortlist your favourites

Next you should create a simple spreadsheet to help you evaluate these franchises and shortlist approximately 3 of them. Put the names of each franchise down the left side of the page and several headings across the top that are important to you, such as ‘professional image’, ‘brand strength’, ‘training offered’ and ‘marketing support’.

Then for each franchise, make notes about each area and rate them out of ten. This summary only needs to be very basic to help you get your list down to 3, so you can contact each of these for more information.

Step 5 – Find out more

You will now need more information from the franchises on your shortlist. Make contact with each one and arrange to meet or speak with their Franchising Manager.

Prepare a list of questions to ask them to get more details on what you have already ranked them on and to work out whether you will be compatible with them. Many potential franchisees that contact Bloomtools for more information ask questions such as:

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o Who runs Bloomtools?

o What is the target market of Bloomtools?

o How does the Bloomtools franchise system work?

o What will it cost me to set up a Bloomtools franchise?

o What kind of training, marketing and support is offered by Bloomtools?

Asking questions like this will help you get as much information as possible so you can make an informed decision.

Step 7 – Pick a winner

Now that you’ve had a chance to speak to someone from each of your shortlisted franchises, evaluate what you’ve learnt and choose a favourite to pursue. Once you choose to contact this franchise again to get more information, you are moving along the franchisee process, but you are not yet locked into anything.

Usually this stage will involve signing a confidentiality agreement, because the franchisor will be giving you information that they don’t want you to pass onto anyone else. These agreements are standard in the industry, but make sure you read it thoroughly before you sign it.

At this stage, the franchisor will also want to make sure you are the right type of person for them, so they may ask for permission to do a credit check on you and ask you some qualifying questions. If both parties are keen, you can continue to move onto the next stage which involves you signing an agreement and gaining access to their financial data.

Step 8 – Find out more

Once you’ve gotten this far in the franchisee process, you are obviously pretty serious about investing in the franchise. After you’ve signed an agreement with the franchisor and been given their financial data and other information, you get a period of time to conduct what is called ‘due diligence’. This basically just means doing even more thorough research and seeking professional advice.

Get more detailed information about the company by speaking to their other franchisees and researching more about their products and services, history and directors. Then meet with your lawyer and accountant to go through everything with them and get their expert opinion.

Make sure you take advantage of this time to learn as much as you can, then compare it with your experience, skills and financial situation. If you aren’t 100% convinced that it’s the opportunity for you, then now is the time to pull out.

Step 9 – Arrange a formal meeting

As mentioned, it is just as important to the franchisor that you are the right person for the job. So once you’ve received all the information from them and passed all their checks, it’s time to have a formal interview with their franchising team.

This is designed to find out if you are compatible with their business and to discuss all the finer details of the opportunity. Obviously you will still have more questions, so use this opportunity to ask them – don’t leave this meeting without finding out what you want to know.

Also, evaluate the key people in the franchise face-to-face – if you don’t like the people, the franchise may not be for you. If the franchisor wants to formally offer you the franchise and you accept the offer, you will have to sign a legally binding agreement and organise to pay an initial deposit (the deposit will vary greatly depending on the company).

Step 10 – Use the ‘cooling off’ period

A ‘cooling off’ period is time that franchisors are legally required to give you to think about your decision to sign with them. This time is required by law because many people change their mind after signing because they got caught up in the excitement of the process or were pressured into it. In this time, you can withdraw from your agreement with them without losing your deposit.

However you will be charged for any costs that the franchisor incurred in that time (such as lawyer’s fees), so the best idea is not to sign in the first place if you have doubts. If you do sign, but are then unsure, take advantage of this time to evaluate your decision and seek more advice if necessary.

Step 11 – Become a franchisee

Congratulations! You have now joined the thousands of Australians that own a franchise business and get to be their own boss. This stage of the process involves making payment for the franchise you have purchased and getting your business underway.

Firstly you will need to arrange a time to begin the training offered by the franchisor and also organise the location of your business. The process and timelines at this stage really depend on the company you are involved with, so make sure you work this all out with them.

The final piece of advice I can give you is to maximise the opportunity you have been given – take advantage of extra training, engage in lots of local area marketing, build strong relationships with the franchisor and other franchisees and do everything you possibly can to achieve success in your business. If you do this, the results will speak for themselves. Good luck!

Looking for an Internet franchise where we do the work and you profit? Look no further than Bloomtools. We give people that are passionate about the Internet and business the opportunity to own their own world-class website development and Internet marketing franchise, all without having to know how to build a website. You meet and talk, we build, you profit – it’s that simple. Visit our website for more information.

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(ArticlesBase SC #308484)

James Grieg

Labels: franchise business, perfect franchise, perfect match franchise

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