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Small
Business Franchises
Are
you thinking of opening a franchise? There's lots to learn before
you make the leap into this unique form of self-employment.
With
downsizing and outsourcing becoming familiar words, many current and former employees
are looking at the benefits of owning their own business. Franchises provide those
with limited cash to open a business, but it's not entirely a free ride. You'll
have to stick closely to the system laid out by the franchiser, who has the ultimate
say on how you run your business and make a profit, or hire & train your employees. There
are a lot of benefits to a franchise with a good support structure. Before opening
a business, you have access to a well known brand and access to an advertising
budget that most small business owners can only dream about. Many big franchises
will do the research on whether your business will be able to attract enough customers
and avoid direct competition from similar shops in the same area... these pre-purchase
market studies are a big plus in setting up a business that will be successful. The
key is that you'll need to know whether the franchise you are interested in buying
will provide the name brand and support that you need. A badly run franchise operation
can cost a lot in initial costs and leave you stranded once the investment is
made. You also run the risk of getting hurt by bad branding from other franchises
or the parent company, even if you are running a first rate business.
The
bottom line is that a franchise or a string of franchises
can be the perfect investment and business opportunity...
or a small business owner's worst nightmare. Do your homework
and research the past, present and future projections of the companies
you plan to invest in. Remember that anything that sounds too
good to be true, usually is.
If you do the research, sort through the sales talk and still
think that you've found the perfect business, get a good lawyer
or other advisor to check the paper work and point out the aspects
you may have overlooked. If it's a good deal and you have the
money and business sense to make it work... you may have found
the perfect answer to owing your own business.
More
about buying a franchise around the Web:
On the Web, learn whether or not you may be cut out for the franchise game - with
discussions on promise and pitfalls, pros & cons, major companies to contract
with, contract negotiating, and the jargon & buzzwords of franchising ...
StartupJournal | Franchising - Maybe the only resource you'll ever need
in terms of what questions to ask, what pitfalls to watch out for and more on
the nitty-gritty of franchise operations with a cache of information-rich stories
from the Wall Street Journal, including how to interpret the Uniform Franchise
Offering Circular (UFOC), reading the contract, preparing an exit strategy, and
lots more.
The
Franchise Prospector
- The online journal featuring a directory of U.S., Canadian and international
franchise opportunities, plus related story articles, guides & a list of what's
hot and popular in franchising right now. FranchiseGator.com
- Related story articles plus information on featured franchises from big name
companies you'll recognize, together with a searchable directory of franchise
opportunities, and browse around the left-hand menu for more resources, free newsletter,
FAQ. International
Franchise Association - Clearinghouse of news & information on over
1,000 opportunities plus guides to minority franchising, advice & how to's
for finding the right franchise, online forum, suggested reading and related links. Franchise
Times - Check out their annual Top 200 list of choice franchises in the
U.S. along with feature cover story and more with paid subscription. Franchise
World - Online UK magazine with guides for beginners on pros and cons,
buying tips, a glossary of industry jargon & buzz words, franchise classifieds. Franchise
Direct - International listings of franchise opportunities to choose from
with basic information on startup costs and franchise fees. The articles provide
good advice and industry news gets you started on the research... also
see feature story -> Franchise
Do's & Don'ts
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