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Franchises
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Small Business Franchises
The Best Business Franchise for Me
There are clear guidelines when shopping for a franchise opportunity. These include guidelines you must satisfy for your self-gratification and those you are looking for in a franchisor.
Personal Checklist
This checklist is your own personal assessment and outlook of how well you think you can survive as an owner of a franchise. It involves asking yourself key questions such as:
Franchisor Checklist
This checklist is an analysis of the franchise business with which you intend to do business. It compares your aspirations with the objectives of the franchisor and can assist in the final decision-making process. Some of the areas of concern include:
Market Assessment
Market assessment involves taking a serious look at the trends of the market for the items in which you want to invest. These trends are dependent on the economic climate, traditions and customs, the type of product and the market saturation of the product. Assessment involves conducting surveys to determine the price the consumer is willing to pay and in what volume. This will allow you to determine your business location and the level of stock required.
Making the Final Decision
When it comes down to the final decision, the completion of all analysis and the final decision process rests with your gut feeling. You must be honest with yourself to avoid paying for a loan you may not benefit from. There are some questions to consider before making this decision.
The Best Business Franchise for Me
There are clear guidelines when shopping for a franchise opportunity. These include guidelines you must satisfy for your self-gratification and those you are looking for in a franchisor.
Personal Checklist
This checklist is your own personal assessment and outlook of how well you think you can survive as an owner of a franchise. It involves asking yourself key questions such as:
- Do I have access to enough money to meet the preliminary and ongoing cost for at least the first 18 months of the business operation?
- Is the management of a franchise in line with my strengths, talents and skills?
- Is the culture of franchise business synonymous with my personal values and life style?
- How much do you believe in the success and viability of the franchise?
- Is the structure of the franchise organization one I would like to associate myself with?
- Am I prepared to dedicate the long hours required to make the franchise successful?
Franchisor Checklist
This checklist is an analysis of the franchise business with which you intend to do business. It compares your aspirations with the objectives of the franchisor and can assist in the final decision-making process. Some of the areas of concern include:
- The financial health of the franchise organization
- Their litigation history
- The growth pattern of the organization
- If there is a franchise association that works in concert with the management
- How open is the franchisor to new ideas
- How much support do they offer in the form of advertisement, training and financing
- What type of licensing arrangement they offer whether upfront fees, royalties or commissions
- If they offer insurance
Market Assessment
Market assessment involves taking a serious look at the trends of the market for the items in which you want to invest. These trends are dependent on the economic climate, traditions and customs, the type of product and the market saturation of the product. Assessment involves conducting surveys to determine the price the consumer is willing to pay and in what volume. This will allow you to determine your business location and the level of stock required.
Making the Final Decision
When it comes down to the final decision, the completion of all analysis and the final decision process rests with your gut feeling. You must be honest with yourself to avoid paying for a loan you may not benefit from. There are some questions to consider before making this decision.
- Does the opportunity feel that the franchise is right for you?
- How comfortable are you with dealing with the franchisor?
- Have they satisfied all the queries you have made?
- Do you see yourself becoming a member or leader of this franchise group?
- Will I have fun doing this franchise?
- How long do I think I can survive in the franchise?
- What exactly do I want from the franchise: job satisfaction, capital gain or immense riches?
- Are the values of the franchise in line with my own personal values?
After this careful analysis, you must make a concerted effort to establish a fruitful relationship with the franchisor.
Types of Franchise
There are various types of franchise available. The type of franchise you choose will depend on your business interest, financial backing and the demands of your locality. Some categories of franchises include:
Automotive
Health care and Senior Care
Retail Franchise
Tourism
Food Services
Health care and Senior Care
Retail Franchise
Tourism
Food Services
Cleaning and Maintenance
Real Estate
Sport and Recreation
Home Services
Internet Café
Real Estate
Sport and Recreation
Home Services
Internet Café
