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"'Ask the Small Business Professor' is a must read for small business owners looking for free expert business advice. Using a Q&A format, Bruce Freeman covers important small business topics weekly by bringing in recognized experts on subjects including accounting, legal issues, trademarks marketing and sales. Don't miss it!"
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Considering a Franchise
Dear Professor Bruce:
I am being let go from my current job. I have been through this before. I would really like to go it on my own but I really do not have any new ideas for a product or service. Should I consider a franchise?
Someone investing in a franchise is buying a total "system" rather than a business. In other words, in a quality franchise system, all aspects of the business have been thought through including the sales, marketing, personnel, location, product selection and working capital requirements. It’s often said that one of the biggest advantages of franchising is that it allows individuals to go into business for themselves, but not by themselves. A franchisor helps the franchisee get started and provides training, inventory, site selection assistance, marketing and more.
Owning a franchise also often gives owners instant-name recognition. Rather than starting a business from scratch, franchisees enjoy the benefits that come from a proven name and concept.
According to Steve Rosen, CEO of FranNet, an established network of franchise consultants, "becoming a successful franchisee requires more than giving your money to a franchise system. It requires a lot of hard work".
How do you know if you’re fit to be a franchise owner?
- Make sure you know what it means to be in business for yourself. Make sure that franchising is for you vs. working for somebody else. You don't have the luxury of knowing you're going to have a regular paycheck coming in.
- Have the support of your family. This is a major decision in your life. It affects your family.
- Many franchise candidates come from corporate cultures where many duties can be delegated. Those responsibilities are now yours.
- Are you willing to work more than 40 hours a week? In the early stages of a business, many new franchise owners spend nearly 80 hours a week building their business.
- One of the reasons why franchising works is because of the systems in place. If you’re not willing to follow the systems, franchising is not right for you.
- There is no correlation between what you spend for a franchise and how well it will perform.
- Talk to other franchisees and make sure you understand the good and bad of that business.
For more information visit www.frannet.com.
Rather than starting a business from scratch, franchisees enjoy the benefits that come from a proven name and concept.