The Procedure Necessary to Franchise Your Firm to Accomplish Good Results

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The initial thing to say about franchising your firm is that the venture has to be put into context. This will not be a small decision.

It could very well be that your brand you're thinking of franchising is your own. In which case you'll have poured your heart and soul into getting it exactly where it's today and at the stage where it is able to franchise. And as soon as you franchise the concept you will probably be recruiting franchisees who will as well be placing their savings and all of their effort into making their franchise business profitable.

Triumph for you and your franchisees would be an incredible and lucrative accomplishment in every sense. Failure, on the hand, could be personally and financially disastrous for all involved. Now if you consider it this way you will see how important it is to make sure you get the guidance that offers you the greatest chance of setting up a successful franchise.

So money should not be a factor. When compared to your total investment in your brand, the charges for acquiring very good franchising assistance are likely to be quite modest. However, the support you get may very well be the difference between success and failure. So what should you base your decision on and what type of advice and specialist is going to be right for you personally? There are two key factors here. Your own personal degree of franchising practical experience and expertise and the amount of time you have to devote such a significant undertaking.

Franchising is a unique business field so you cannot become an expert by reading a guide. The one real technique to understand about franchising is to work for a franchise firm. Franchising is not just about systems and procedures, it's about people and it is critical to appreciate how the franchisor / franchisee relationship functions. Time spent at the coal face operating with franchisees is the only approach to grow to be a franchising professional.

The second element to consider is how much time you've got to devote into the project of franchising your company. The first point you must do is accept that you're in fact shifting into a different business, the business of recruiting, teaching and aiding franchisees. So together with running your present enterprise, you will be setting up a quite separate business that has to be built and managed.

These two factors might well dictate what type of assistance you want to franchise your company. If you're highly seasoned and knowledgeable about franchising and you've got equally the time and inclination to do all of the work needed to appropriately produce the systems and documentation necessary to franchise your business, then a template system may be the solution.

If alternatively you do not have considerable knowledge of franchising or do not have the time available to produce such a specialist operating system with supporting paperwork, then it appears likely you will need the guidance of a franchise advisor.

Whichever direction you take, price should be the last consideration. Get the very best possible advice you can and generally be prepared to pay a little more to be certain you are purchasing the very best.

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Source by Bill Pegram

5 Great Home Improvement Franchises!

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Do you enjoy working with your hands and wish you could own your own business? Does the idea of ​​remodeling or improving a home make you feel good? If so, consider investing in your own home improvement franchise. There are many great businesses to choose from, depending on what type of work you desire to specialize in. Here are 5 great businesses to consider.

1. My Handyman- If "Extreme Makeover, Home Improvement" is your favorite TV show, and you love being able to make old run down spaces look new again, then check out a Mr. Handyman franchise. Even if you are not handy around the house, Mr. Handyman can show you how to run an efficient business and hire others to do the work. This family-friendly business has been given a "world-class" rating and provides great training and support.

2. Budget Blinds- If you enjoy interior decorating and helping people to brighten up their homes, then you should definitely consider Budget Blinds. They have a well deserved reputation among their customers and are highly recommended by Entrepreneur Magazine. Known for their convenient and friendly service as well as great support, Budget Blinds has become one of the fastest growing franchises in the industry. If you want to see a smile on your customers faces, become a Budget Blinds Owner.

3. Certa-Pro-Painters Do you enjoy take a bare wall and changing it to create a warm welcoming environment in a home? Consider becoming an owner of a Certa-Pro Painters franchise. Certa-Pro has been in business for over 15 years and has built a great reputation in the industry. The best part is they support you the entire way. Certa-Pro prides itself on maintaining a closer relationship with its franchise owners than any other franchise company.

4. Carpet Creations of America- Quickly becoming the # 1 flooring franchise in the country, Carpet Creations of America is a great business. For those entrepreneurs who would like to start their own carpet and flooring company, Carpet Creations offers an outstanding training program and follow-up support. They specialize in providing flooring at a fraction of the cost of other flooring companies and the franchise fees are equally affordable. Creation Carpets of America began over 10 years ago as the idea of ​​flooring experts Robert and Cathy Morse, and has grown to over 40 Independent dealers nationwide and still growing.

5. ShelfGenie- Providing designer cabinets and shelves is strongly becoming the way of the future as homeowners are no longer satisfied with cookie-cutter style cabinetry. ShelfGenie has become a leader in cabinet design and offers a fantastic opportunity in home improvement franchises. ShelfGenie is always looking for people who would like to succeed in their own business. This is definitely a business to check out.

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Source by JD Files

How Should I Fill Out My Application Form When Buying a Franchise?

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As a former franchisor and having helped friends buy franchises I’ve witnessed quite a bit of things with regards to filling out franchise applications. Many folks attempt to cheat on resumes, but in the franchising world, well that is just a really bad mistake.

For instance if you lie on a franchise application form and then sign it, you might find that the franchisor in a future legal dispute could use that against you and state that had you told the truth they may have not sold you the franchise in the first place, thus, giving them the upper hand in litigation. Besides that issue, it is really setting a bad precedent to lie on a franchise application at the beginning of the franchise relationship.

You see, the franchisor is bound to find out anyway. It would be the same if you lied to your future husband or wife before you married them, and franchising has been likened to a marriage of sorts by just about everyone in the industry at one time or another. So, do yourself a favor, yes put your best foot forward and do what it takes to make yourself look like the best candidate of choice, but tell the truth.

Whatever you do, don’t lie about your ability to finance the franchise or pay for it, as you will need working capital and cash flow in the beginning to survive, lying about that could cause you to fail and lose everything. Additionally realize that the franchisor wants a team player, a hard charger, and someone that will proudly represent the brand to the best of their ability, that’s what I always looked for in the franchisees we accepted. Please consider this.

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Source by Lance Winslow

Overview of Korea Economy and Franchise Business

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Franchise Glance

"We consider South Korea as a developed market, meaning it is no different to the UK or the US … Korean consumers are demanding and expect high-performing products." Hari Nair: Managing Director, Kimberly-Clark's.

Recently everything seems prefixed with a K: K-Pop, K-food, K-beauty, K-movies; why not go to your local K-culture festival, sure there must be one near you, or coming soon. Korean culture is on fire at the moment and has been warmly received. Domestic franchisors have, quite rightly, been riding this wave and rapidly expanding internationally-China being a Korea franchisors first choice. However for an overseas franchisor looking in, what is this market like?

GDP was US $ 1.2 trillion in 2013 and predicted to rise as consumer spending and confidence grows through 2014 and 2015. The Hyundai Research Institute latest report predicts Korea will expand by 3.5% in the first half of 2015 and 3.6% in the second half.

Considering Korea's comparatively slower Asian growth, it remains a good target for franchisors owing to historical years of stable growth, an affluent consumer base and early advancement of the country. The average disposable income per household per month was US $ 3150 in the second quarter 2014, a rise of 2.8% from the second quarter 2013, with significant rises in bakery, confectioneries & snacks, coffee & tea, and juice & beverages sectors (Statistics Korea ).

The demand for foreign brands spans a range of sectors and recently a broader range of channels. 65% of the population is classified as middle-class (OECD) so unlike many other Asian countries there is not the general trend of a new, emerging middle-class. Supported by media and a relatively high degree of travel experience, the Korean consumers are knowledgeable in a developed, globalized market.

Korean consumers have a strong purchase history of foreign brands so as well as valuing money, they have a high understanding of brand philosophy and marketing channels. They will readily try new products and are always seeking new tastes and ways to improve their lifestyle and image.

For a franchisor, the marketing has to be more sophisticated to match the level of the consumer. For example, nearly 80% of the population is online, making it the most connected country on the planet! and they love their credit cards. Annual credit card transactions are over 65% higher than the USA. This combination means a high proportion of online spending and retail ecommerce is predicted to touch $ 25.3 billion by 2017 (Borderfree). Any marketing strategy has to be multi-channel and use aspects of social media to advertise brands and utilize the technology to offer more efficient shopping channels and delivery.

Korea's population is ageing and urbanized. The median age in 2012 was 39.1 years and the over 60 group is predicted to account for nearly 25% of the population by 2020 (Statistics Korea). Some franchisors may already target this older market whereas others may be able to easily adapt or extend to target this group. However for the rest of us do not despair, as PwC reminds us, 70% of the population remain within most retailers target demographic of 15-64 years old.

With over 90% of the population living in urban areas, these conurbations are massively populated, wealth dense spaces and retail locations come at a premium. The 4 main population areas: Seoul metro-15 million, Busan metro-4 million, Daegu metro-3 million, and Daejeon metro-2 million.

Key retail players are set to open mega malls outside of the main cities over the coming years but presently Gyeonggi (the area directly surrounding Seoul) and Seoul account for 42% of the total shop space in all Korea (www.kintex.com). Supermarkets and hypermarkets lead retail channels and this lead will increase as it matches the 3 main purchase drivers of choice, convenience and price.

Despite economies of scale enabling big shopping complexes to effectively compete with smaller stores, operators are always seeking to differentiate themselves from each other. Enhancing shoppers experience by offering the latest trend brands are a main way they do this. They are not only looking for exciting overseas tenants, these operators are also willing to take on Master agreements and roll out concepts across their formats.

If this is an entry strategy of interest, bear in mind that these companies are looking for a brand that will drive traffic, so the product or service either has to an established name or have a strong unique factor attached to it. Quirky with long term viability can be good USP and malls, a very effective way to introduce your brand into Korea-mainly as the cost of educating the population will be borne by the mall operators and you can be assured it will be done with a high level of proficiency.

The franchise market in 2013 was estimated at US $ 89.8 billion with nearly 3,000 franchises. There were 283 retail franchises, 601 service franchises and 2,089 food service franchises (export.gov). Even with recent downgrades of GDP, the franchise industry has displayed respectable growth over recent years with on average 200 new franchises opening annually since 2010.

Koreans are very open to partnering with overseas franchisors, especially with those that have an existing reputation in Korea or core values ​​which reflect their origin country. Koreans aged 55 and over have recently proved themselves to be good franchisees as they have more capital and knowledge, and being a family orientated culture, will pass the business down to their children. The franchise industry regulations ensure business generally runs smoothly and Korea is regarded as a straightforward place to franchise into.

The normal investment range is between US $ 4,300 and US $ 8,700 with a 2 year contract period. Such a low average franchise fee can make it more difficult for an overseas franchisor to recruit a multi-unit or bigger partner. There will also be a good deal of negotiation around royalties as they are usually lower for domestic Korean franchises.

Brief breakdown of sectors:

  • The Korean food market is expected to be US $ 53.5 billion in 2013 and account for 25% of total retail sales; a growth of 5.5% from 2012 (JLL).
  • The organic food market is anticipated to grow to US $ 6 billion by 2020 (Organic Trade Association).
  • The online channel is forecast to grow at CAGR 11.38%, 2013-2018 (Research and Markets).
  • South Koreans spent US $ 17.9 billion on private tuition in 2012.
  • The beauty and personal care retail market posted 5.8% growth year on year to 2013.
  • The cosmetic sector was the best performing sector in 2012.
  • Korea is the 8th largest luxury market worth almost US $ 4.5 billion.
  • Households spent 12.4% of total consumption expenditure on eating outside the home (GAIN).
  • In 2012, imports of chocolate based confectionary products from the United States were up 12% from the previous year (GAIN).
  • Korea has become the largest men's cosmetics market in the world. The US $ 635m spend in 2013 was nearly a fifth of the global figure (Euromonitor).

Korean consumer

Koreans are educated, sophisticated, relatively well-off and well informed. With advanced consumers comes a choosy, higher demanding buyer. Strategy and approach should parallel other advanced countries. The consumers are not looking for just a global brand, they are seeking a brand that has a distinct USP and they will pay more for this. That USP can be in reputation, quality, ingredients or innovativeness, but it must stand apart from the crowd in a specific way.

This does not mean all markets are saturated and there is no opportunity for new sectors. As mentioned, there is an ageing population and the affluent 50+ baby boomer generation is far from complete. Other noticeable changes that are opening markets:

  • Increase of dual income families.
  • Rise in single parent households.
  • Increase in single member homes.

Korean consumers are very used to being informed across a variety of channels about a product before they purchase it. A 2012 survey by Embrain Trend Monitor found that 79% of customers check user reviews before purchasing and 74% have written evaluations and reviews. Therefore, the more information you can provide across a variety of channels will only be a good thing. The surprise or curiosity advertising strategy will either have to be carefully molded or have a very solid budget behind it.

Koreans are image conscious in all aspects and they have the experience to understand what lifestyle or status a brand portrays. They closely follow and are influenced by the media and celebrity styles and trends. Although these fads can be short lived, it is good advice to have the ability to quickly adapt and run campaigns or introduce extension products that connect with the latest trends.

Overview of where demand lies and where future demand could lie:

  • Due to the wealth of recognized foods, innovative and premium foods will appeal.
  • Franchises providing efficiency in shopping and delivery will match consumers convenience needs.
  • Koreans are educated and understand the need for their children to be. Within this market exists high demand for vocational and language services.
  • An older, fairly affluent demographic presents a growing market for targeted services and products.
  • Think of Koreans as discerning consumers. They seek organic, natural, fresh, high quality products.
  • Health improving and anti ageing foods and businesses will show high demand.
  • Health benefitting herbs will be trend ingredients.
  • Koreans prefer food with brighter, more saturated colors (Origin of human color preference for food).
  • Specialty stores stocking a range of niche, higher priced, quality items that tie in with the above are spreading across Korea and cover a range of sectors from beauty to bakeries to grocers.

The bottom line:

A solid market but with competition, and commercial estate can be expensive. This has to be balanced with the sophistication and affluence of the market. It can not be denied that at present there is more of a trend of coming out than into Korea, however, with a developed market that has a proven globalized view, it is an easy country to enter.

To conclude: Although potential may not be as great as their Asian neighbors, reduced time and costs from having educated consumers and well versed franchisees are key points.

Franchise Meets reckons: 7/10.

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Source by Darren Harris

Large Corporate Franchise Exemption a Regulatory Scam by FTC

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It certainly could not be more obvious the incestuous relationship between big business and government than when the FTC made a special exemption of the Franchise Law for Large Corporate Franchisors. There is practically no fraud at all to be heard of in the franchising industry. Now there is quite a bit in the business opportunities sector, but in franchising there is very little something like 0.1%.

That goes for both large franchisors and small franchisors. Unfortunately the Federal Trade Commission has decided to exempt corporate franchisors who sell franchise outlets that cost over $ 1 million from the same regulations that smaller franchisors have. Many large franchising companies sell franchises and pretty much keep all the economies of scale that are earned from their size rather than passing them on to the franchisee – yes, I know that is business right?

Thus the franchisee is merely buying a job and not by any business at all, so is it really a franchise outlet in that case. This is unfortunate and very unfair and the unsuspecting franchisee has no clue, worse off the large corporate franchisor exemption puts the little franchisor at a severe disadvantage. The small franchisor now has all the costs, without the economies of scale to compete with the larger franchisor.

So once again the government has favored the large corporate entity over the smaller business. Why you ask? It should be fairly obvious with all the lawyers and lobbyists and the incestuous relationship between federal agencies. Can you believe the Federal Trade Commission is actually part of the United States Justice Department? It just blows me away. And they do this out in broad daylight and they have these rule-making sessions and everybody just smiles as if it's OK.

What a complete sham in my opinion – it is a scam is then perpetuated by the Federal Trade Commission. This article is my opinion and I'm sticking to it because I am an observer and I closely watch the hypocrisy that goes on at the federal trade commission. I am appalled.

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Source by Lance Winslow

The Roles and Goals of Franchisors

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A franchisor is the entity that owns the franchising company. The franchisor is the one who grants the franchisee the rights to use the brand name, the trademarks and the business methods. The franchisee is the one who uses the franchisor’s brand and the franchisor’s business model and runs the business under franchisor’s business trademarks.

Different Types of Franchisors

Franchisors may be huge companies owned by someone having a lot of business experience, or they may also be the ones with no prior experience and they may have only one or two franchisees. So the franchise size and age varies:

· There are franchises which are owned by large public or private companies.

· Often the franchises are owned by someone who earlier was a franchisee. Later on he bought the franchise from the franchisor. Tom McDonnell is an example of such a franchisor.

· There are many small franchises too, who have just recently started to offer franchises.

· There are also some large franchise systems, which seem to be brand new.

Franchisors give the franchisees the necessary training and system so that the franchisees don’t have to do everything on their own. Franchisor has established the business over the time, and knows about the common mistakes, a new franchisee can make. So a franchisee gets to use the franchisor’s experience, and gets the success much earlier.

New businesses never fail because of the low quality of their products or services. The main reason of their failure is that they often make mistakes which they can’t recover from. A great franchisor on the other hand has made these mistakes but has survived. And as a result, now they have an established business process. A franchisee purchases the rights to use this successful business process.

The main reason a franchisor will assist you in getting success soon, is that he wants the whole system to grow and be profitable. A good franchisor provides a great system to the franchisee, which as a result gets long lasting success soon through effective franchise management.

The franchise technology has grown significantly lately. You can use different franchise softwares, available in market, to make your franchising experience a much better and efficient one. These softwares simplify the nature of running the franchisor business model. The main features, good franchise software provides are data collection, corporate communications, administration, new store management, and marketing management, thus making your life easy. You can get great success if you have effective franchise management.

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Source by Ethan Scot

Fitness Franchises and Helping New Mothers Get Slim!

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So what is that fitness franchises can do for all the mothers in our midst ?.

A woman faces not just happy times when she has given birth to her beautiful baby, she also has a concern, most times a major concern, about how to lose all that excess weight, especially that larger belly.

Most women associate a nice flat stomach with feeling, and especially looking, good. However, with the responsibility of that little one to look after, they have very little time for anything but the demands it places on them.

What can also happen is that a diet is started and whereas a lot of the body mass will decrease, the body shape can stay the same.

The reason for this is not so much the fat deposit itself, but actually the fact that the fat is distributed wrongly, or more specifically is deposited in the wrong place.

It is a fact that even women who are skinny can have a lot of fat on their buttocks, thighs and stomach. This fat deposit actually increases during the pregnancy, because of hormonal reconstruction of the female body so as to protect the fetus from external influence.

So how does the mother overcome this problem, and recover her shape and flat stomach when little baby now no longer needs all this padded protection?

The answer is to reduce the overall percentage of fat, and get the abdominal muscles pumped so as to get them into proper shape, and the use of vibration exercise machines facilitates that, and does it in a very time effective method. Indeed it can be achieved in sessions of just 10 minutes per day, perhaps 3 times per week, which even the busiest of mothers will be able to find in their day.

The construction of vibration exercise machines, plus the way they can be used to affect different parts of the body, depending on how they are utilized, are ideal for the new mother, with the added benefit of them being so time efficient as has already been mentioned.

They also reduce swelling caused by fluid in the body tissues so common in pregnancies, which in turn increases the elasticity of the skin so helping to recover the ideal figure.

The relaxation which vibration exercise training creates is immensely helpful in aiding restful sleep and creating an overall feeling of well-being. Add this to the returning figure and you can see why vibration exercise training can be so beneficial to women in general, but mothers in particular.

And that is how you, by having your own vibration exercise machine fitness franchise, can help mothers everywhere to get slim.

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Source by John J Patterson

Gas Station Franchises – Top 5 Reasons Why They Fail!

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Gas station franchises can be a very profitable business to be in. It doesn't appear that Americans love affair with gas guzzling vehicles will be over anytime soon!

However, most will fail within the first year. Listed below are the top five reasons why I think they will fail. With the proper planning, you can avoid these common mistakes.

# 1 LOCATION, LOCATION, LOCATION

When looking for a gas station franchise to buy, you want to ensure that you will have the highest traffic area possible. Without people coming to your gas station … you won't be in business for very long!

So some key things for you to be aware of (and communicate this with your realtor or business broker).

  • What is the current traffic counts?
  • What is your current competition? Is there space for competition to build near you?
  • Visit the local planning commission to determine if any building permits have been issued or if any road construction is planned?
  • Is the gas station easily accessible from all sides or is it boxed in with one way in or out?

# 2 IS THE CASH REALLY FLOWING?

Most people who are not in the gas station business, mistakenly assume that the owner is making a ton of money off of them each time they fill up their tank (I'm paying how much per gallon !!!). But that is wrong. In reality the owner has very low margins when it comes to gasoline sales. They actually make very little money.

So how do they make their money?

With all the other services they offer, such as:

  • Attached car wash
  • Convenience store
  • Attached fast food restaurants

The mark-up on these extras is usually pretty high and that is where the money is made. As with any business you will want to verify the current owners financial statements (you must verify … do not blindly believe what you read on their financial statements). Make sure that the revenue and profit margins make sense for that location and industry standards.

# 3 TRYING TO DO IT ALL ALONE

Before you buy that gas station, do a little networking with current owners. By networking, you can learn what the current "hot" issues affecting the industry in your area, where to find local suppliers and other things of interest. Some national organizations to check out are:

* National Association of Convenience Stores

* The Petroleum Marketers Association of America

# 3 WE NEED SECURITY OVER HERE !!

The gas station franchise business is a business where everybody wants to steal from you! Probably the biggest problem is drive-offs (where customers fill up with gas but forget to pay for it and just drive away). You will also face theft from employees and vendors, so make sure that the property has a good security system in place. If they don't, you will want to look into the cost of getting good security system in place. You will need cameras in key locations, alarms and employee protocols in place (in case of robbery, fire, etc).

# 4 CHECK LICENSES & PERMITS

So many first time gas station franchise owners are so busy looking into the financials that they forget this piece of it. You will want to make sure that the curent owner has all of the state licenses as well as any license to sell liquor, lottery tickets or cigarettes. You will need to find out how to transfer and / or qualify for those under new ownership. There is usually a cost associated with these licenses & permits, so plan accordingly.

# 5 BRAND

The brand affilation is an important aspect of your business. When you buy the business from the current owner you don't necessarily maintain the same brand. This is an important aspect that will require investigation on your part. What does the current franchise agreement look like? What are the current franchising fees? You will want to set-up meeting with the Brand / Oil company representatives to make sure that you meet their qualifications. It is a good idea to include in your sales contract that the current franchise agreement must be transferable.

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Source by Patti Porter

Ever Wonder How Many People Eat Fast Food?

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When sitting in your car in the drive-through lane, waiting for your order to come out the window, have you ever stopped to think exactly how many people eat fast food? How many restaurants do you pass on your way home? With the variety and convenience, restaurant franchising is a guaranteed and lucrative investment.

Did you know that in 2007 McDonald’s had 390,000 employees? They also made over 22 million dollars that year. With 31,000 restaurants in almost 120 countries, no wonder they say “Billions served”!

Franchising is a nearly 125 billion dollar a year industry. While requiring a lot of hard work, the payoff can be outstanding. This is because of exactly how many people eat on the run.

So, how many people eat fast food? Over 50,000,000 people daily in the U.S. alone. That’s a lot of burgers and fries! When you have to manage work, school, and soccer practice, eating out is more convenient than cooking at home. It’s also an inexpensive way to feed the whole family. Plus, the choices are mind blowing!

KENTUCKY FRIED CHICKEN- For the chicken lovers in the family

MCDONALD’S, BURGER KING- For those who prefer burgers and fries

PIZZA HUT- For the Italian side

TACO BELL- When you’re feeling a little south of the border

And that’s just the tip of the iceberg. There is a fast food restaurant for just about any taste, so even the pickiest eaters can find somewhere even they can enjoy a fast, convenient meal. Americans will spend over 110 billion dollars this year on fast food, that’s over a quarter of all Americans. Most of them have even worked in FF industry at some point in their lives.

Some people dispute the benefits of eating at FF-franchises, they say it is unhealthy, high calorie, and fat filled. But there are some good points to eating out as well. If you’re looking for a more healthy place to grab dinner, there are some restaurants that serve low-fat and sugar-free meals. Don’t be put off by claims made by nay-sayers. You can find everything you’re looking for in one easy, convenient, and inexpensive restaurant. And with so many to choose from, you’re guaranteed to find what you want, close to home.

A person looking to invest in a business opportunity should really consider restaurant franchising. With more and more people dining in restaurants, and restaurant franchises popping up all over the world, this is an industry that shows no signs of slowing down.

With food for every taste and budget the speed, convenience, and options of meal planning are as simple as a short drive to your favorite restaurant. Based on how many people eat out, franchising is one of the most lucrative business ventures available. Remember, franchising is the best kept secret of the 21st Century!

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Source by Edward Dean

You Want To Buy A Franchise – Really?

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Statistically, the vast majority of people who actually start their own franchise business don’t truly understand what they’re venturing into, and so they often fail. Many even view it as fascinating and alluring, believing that freedom and wealth are right around the corner. It’s probably one of the biggest financial decisions you’ll ever make, so it’s crucial to understand exactly what being a franchisee really means.

What does the term “self-employed” mean to you, anyway? It’s extremely important to ask yourself that question. Call it what it is. In actuality, you’re replacing your J O B with a franchise business, you’re new J O B. Many successful entrepreneurs long for the day when their franchise business reaches the level of success that ultimately provides absolute control of their time and income. Now, that’s what it’s all about, right? Yes, most business owners are “control freaks” at some level. But that is a necessary ingredient of a successful franchise owner.

In many ways, being a business owner is strikingly similar to being an employee. In actuality, you’re still trading hours for dollars; the major difference being that as a franchise business owner, you generate income for yourself rather than earn money by punching a clock in a traditional job. And you have the huge advantage of plugging into a tried and proven successful system.

Regardless of your reason, the decision to buy a franchise is a very calculated risk. Even considering any economic challenges, the growth of franchising continues to be strong, and a great option for those who want to operate their own business. Franchising provides motivated, new business owners the best possibility of succeeding with the least amount of risk. Industry experience is typically not required to operate a franchise.

Granted, certain risks do exist in franchising, as in any business, but there are many franchise concepts that are recession proof and some actually thrive in a weaker economy.

Your ultimate goal as a franchise owner should be to gradually replace the hourly wage scenario with more of a long-term passive income. Many franchises provide for the ability to hire a manager once your business s generating a decent profit, allowing you to gradually move away from the day to day, hands-on operations. That way, you create and maintain a healthy balance of a successful, passionate career along with having the time and money to enjoy a fulfilling lifestyle with family and friends. The best of both worlds.

Register for your Free Franchise Consultation. The Franchising Authority will help you find your perfect franchise!

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Source by Cory Barber