Food Franchise

Posts Tagged ‘Business Opportunity’

First, the most important thing you require understanding is that for the most part a Business that is a Franchise Opportunity is going to be a large commitment on both the financial and time level. This is important to point out as many people start to look at franchises as a way out of the rat race, only to find they are now committed to a “job” they have purchased for themselves.

There are many things that are alluring about a Bricks and Mortar type business, which most franchises are. There is the feeling of ownership. Walking into a structure that you are an owner of can be a very powerful feeling. It somehow feels more real when you can drive to your Franchise location and see it there, and in the case of Franchise Opportunities there is no guesswork as to how to conduct your business.

The upside to Franchising: It’s duplication and you are not reinventing the wheel. It is your business; you are no longer an employee. Following guidelines and working the business accordingly, will – over time – see a profit. (At least most of the time.)

Other considerations regarding Franchising: While there are some smaller home based type franchises, with smaller profit potential, many if not most entrepreneurs seek out the higher profit potential. In these cases most, if not all, Franchise opportunities will have employees. That means people working for you. While that sounds great, especially if you are still working for someone else, this opens a whole plethora of considerations that simply come with having employees. Even as the business owner, you will still require to be on the premises and at that business often before your workers get there and after they have gone home. They are there for the paycheck; you are there because it’s your business. This means rush hour traffic remains a daily experience and long hours, at least for the first couple of years can be counted on. Also, if you like to get creative with your business ideas, please be aware that Franchises are dictated by their own rules and regulations and sometimes those realities may not concur with your creativity. Over all investment for the higher yield and more popular Franchise can be up into the multiple six-figure range, and projected profits are usually not seen until the 3rd year, sometimes longer and you will always pay royalties. (Not to mention health care, or employee taxes etc…)

That said. It is not my intention to steer you clear of Franchises. For many it is exactly what they crave and desire at this time in their professional lives. If that is you that’s great, make sure to do your research and really interview the Franchise, at least to the same degree they will interview you, they may like you as a candidate, however you may find at the end of your due diligence that you do not care for them!

Choose wisely, and make sure you are clear on what you want out of your franchise experience.

Best franchise game plan in my opinion is a 10 – 12 year plan. Plan on that type of commitment, diversifying your profits as you start to receive them, consider owning more than one, and find great people to run your businesses.

Worst game plan. Start thinking you are going get rich quickly.

If after reading this article however you find that you have some about the thoughts whole Franchise reality that hadn’t crossed you mind before, than perhaps there are other options out there that may serve your purpose and intention a lot better.

If lifestyle, time freedom and living your life versus being chained to a desk or a job, even if you are the “owner” of that job, is what you are truly seeking than the truth be told, the world of Franchising may not be the right fit for you.

Sometimes it’s a challenge to know what it is you are really looking for and gaining clarity is so important. I know, I’ve been there too.

Not too long ago my husband and myself were in the same boat, caught on our own hamster wheel and looking for a way out. Because, like you, we were looking for big profits – after all we have some big dreams – I explored Franchise opportunities. Not knowing what I know now, I spent a lot of time looking at things that ultimately were not going to get us where we wanted to be and luckily in this case – probably spurned on by the dollars required to get started, we made this decision before committing ourselves, which I discovered was a good thing, since some Franchises also have a non-refundable application fee. We discovered the world of direct marketing (I don’t mean MLM) and have not looked back since. Since we have become entrepreneurs we have enjoyed a massive income and freedom. We work from home – well, I’ve worked from the beach, by the pool and in the mountains – we answer to no one and we are having the time of our lives. So… We made the right decision.

That was the fuel for me to write this article, because I spent so much time figuring these things out and made some expensive decisions along the way. Being that time is the most precious commodity we have, it is my intention this article has assisted you in determining if the Franchise path is right for you.

May you have every success you deserve and more than you can imagine.

This article is written solely from my own experiences and self-education garnered when I was seeking an opportunity. The above statements are intended solely as food for thought and to assist anyone who is thinking about becoming an entrepreneur.

Small business franchise opportunities are definitely not limited to food kiosks and carpet cleaning. There are literally hundreds of businesses franchised in the United States, ranging from automotive and children’s franchises to pet and travel service franchises. Whatever kind of business you might be looking for, the spectrum of choices is limited only by your imagination and level of determination.

But how do you determine if a small business franchise opportunity is really right for you?

Franchise versus business opportunity

Perhaps the best place to begin your research is to briefly explore the difference between franchises and business opportunities.

A business opportunity is purchased outright. You, and perhaps your partners, own it and operate it under the name you have chosen. Typically, the seller makes his profit by delivering the equipment, real property, training or service that you just purchased. In some cases, the seller might earn residual income from your success (as is the case in a network marketing business). In most business opportunities, though, your relationship with the seller ends when you purchase the business. Basically, you are on your own at that point.

A franchise, on the other hand, is an ongoing relationship between franchisor and franchisee. The franchisor collects a fee up-front and also receives ongoing royalties in exchange for brand name recognition, an established business model, training and support. The franchisee receives the benefit of this brand name recognition and proven-successful business system. In exchange, the franchisee is required to follow established guidelines and policies regarding the operation of the business in order to ensure consistency from store to store.

Home business franchises are booming

One of the really marvelous benefits of a small business franchise is the ability to run it from your own home. In fact, many franchise companies encourage you to do so.

A home business franchise, allows you to enjoy the enormous benefit of an established company while avoiding the expense and headache of a storefront environment. Plus, many franchise companies invest their time in training you to run your franchise business from home. Your success is certainly in their best interest, so they will make sure you are properly trained and equipped.

One of the great benefits of being a home business franchisee is the ability to drawn upon the experience of other franchise owners. You will find that this network can provide a wonderful source of advice, encouragement and camaraderie.

Knowing your strengths and weaknesses are important when considering a small business franchise

While small business franchises have a considerably higher success rate than start-up businesses, you need to consider your natural strengths and weaknesses when deciding whether this is a good fit for you.

For example, being a team player is an essential factor in running a successful franchise of any kind. While you may be your own boss, you do not make the rules. You must be able to carefully and completely follow a system that someone else created. If you are willing to do so, you can successfully avoid many of the pitfalls responsible for the early demise of thousands of businesses.

Another necessary trait is the willingness to ask for help when it is needed. Again, this is the beauty of the franchise environment in that the small business franchise wants and needs you to succeed. In fact, the motto of the franchise industry is that you are in business for yourself, but never by yourself.

Do you consider yourself a “people” person? Do you enjoy providing a service or product that brings satisfaction to others? As a small business franchise owner, you will need to build loyalty and trust among your customers. The best and probably only way to accomplish this is by developing relationships with these important people. The good news is that if you answered “yes” to these two questions, you already possess two of the most valuable assets a franchisee needs for success.

Now, how do you feel about risk-taking? If the idea of having the safety net of minimum risk when starting your business appeals to you, then a solid, well-researched franchise is probably your best way to go.

After taking a serious and honest look at each of these personal characteristics, you should have a really good idea about whether investing in a small business franchise opportunity would really be your best choice. If so, do not be afraid to take the next step and begin carefully examining your wide variety of choices within the rapidly expanding world of franchising.

With so many highly successful niche markets to choose from, you are sure to find just the right fit.

Remember, a small business franchise requires much less capital than a traditional start-up business and certainly much less than a mega-franchise like McDonald’s, while providing a recognizable brand name and a business system that works.

Successful women entrepreneurs are people who watch and act on the right opportunity for them. Many entrepreneurs are experienced in many fields, and know how to run projects at work to make their owners successful. Why not use that experience and winning attitude you have to consider a franchise and take a successful formula, and use it to build a business for yourself? What makes a entrepreneur successful? Experience in the industry of their choice, and have a working history of getting promoted up the chain of command, until they are in the top levels of the organizations. She is also a promoter of new ideas for the organization, and a problem solver, and a person who can deal with people well. Having the energy to finish important projects to help customers buy products and use they successfully are important skills which set the successful entrepreneur apart from others at work. Entrepreneurs work at being successful, they were not born that way, they worked hard for the success they have, and want even more success in their own business opportunity or franchise. Let’s look at some areas which today’s woman entrepreneur can find success. Franchise and business opportunities can include: Auditing and Cost Accounting for the people with a background in accounting, auditing, finance and banking. Another important area is Business services and support, which includes seminars, printing and products to businesses, especially for people with business and management experience. Computers and software businesses which sells software to customers worldwide, as well as provide valuable computer education to businesses to save time and effort, this is an opportunity for women with a background in working the the information technology department of a medium to large business. Nutrition is an important business today, because people want to take care of themselves, and lead healthier lifestyles. Women withe experience in a health club, or hospitals, and other health food stores can find some excellent opportunities offering nutritional products and services today. There is another opportunity in the photography and video market today, there are graduations, birthdays, weddings, retirements, anniversaries, and many other opportunities for you, is you have any photography experience or interest in the field, many people learn photography, and go on to being successful in it. Choose the business which you feel will best represent your skill set or interest and be willing to make an investment in yourself and your business, and you will reap the rewards when you put your efforts into it. Success is: l% inspiration and 99% perspiration.