{"id":539,"date":"2019-06-13T15:20:10","date_gmt":"2019-06-13T15:20:10","guid":{"rendered":"https:\/\/www.toddweissfranchisepro.com\/?p=539"},"modified":"2019-06-13T15:23:41","modified_gmt":"2019-06-13T15:23:41","slug":"ready-franchise-owner","status":"publish","type":"post","link":"https:\/\/www.toddweissfranchisepro.com\/ready-franchise-owner\/","title":{"rendered":"Ready To Become A Franchise Owner?"},"content":{"rendered":"

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Ready To Become A Franchise Owner?<\/strong><\/h2>\n

Here Are Some Things To Consider First<\/em><\/strong><\/h3>\n

 <\/p>\n

A lot of people have a BIG dream \u2013 to own and operate their own business. I\u2019ve found this to be especially true for corporate employees who have been downsized \u2013 outsized \u2013 upsized in their current careers.<\/strong><\/p>\n

Feelings of being undervalued and underappreciated combined with exceptionally high-stress levels, strained relationships with upper management and misalignment with company culture drives people to question their options and what’s really possible for them in their chosen field.<\/p>\n

Owning your own business and having the ability to do things \u201cright\u201d is a highly compelling reason to consider owning a franchise. And, while it\u2019s proven to be a fantastic opportunity for many people, it may not be the best fit for you.<\/p>\n

Research conducted by The International Franchise Association<\/a> shows that franchise businesses create jobs faster than other companies. And, the outlook for franchise success<\/a> is very positive right now because our economy is robust.<\/p>\n

So, I want to talk about some of the things you need to think about before diving into franchise ownership head-first\u2026<\/p>\n

\u00a0<\/h2>\n

Advantages Of Owning A Franchise<\/strong><\/h2>\n

\u00a0<\/h3>\n

A Proven Turnkey System<\/strong><\/h3>\n

A successful franchise system provides you with a tried-and-true system for operating a business and generating profits.<\/p>\n

Marketing and Advertising<\/strong><\/h3>\n

Some franchise opportunities provide national advertising campaigns as well as marketing materials. Franchisees are typically required to invest a certain amount in local marketing and advertising. And, the franchisor is often willing to help out to make sure the brand\u2019s message is consistent, and there is a good return on the Franchisee’s marketing and advertising spend.<\/p>\n

Franchise Support Network<\/strong><\/h3>\n

Owning a business is not easy. Things happen all the time, and many small business owners struggle because they don’t have a reliable support network to tap into when they need expert advice. Owning a franchise provides you with access to seasoned business owners who are facing or have dealt the same problems as you are so you can get the information and guidance you need when you need it most.<\/p>\n

Brand Name Franchise vs. “Hot New Franchise” <\/strong><\/h3>\n

Established franchises provide a recognized brand name and market awareness to franchisees, which can attract customers. The most significant benefit of a brand name franchise is that the business model has been proven over time, through different economic climates. It\u2019s a business that\u2019s grown in good economic times and in bad. \u201cHot New Franchises\u201d may end up thriving in the long run, but in the beginning, they don\u2019t have a proven track record of sustainability and profitability.<\/p>\n

Leveraged Purchasing Power<\/strong><\/h3>\n

The collective purchasing power of a franchise group helps lower the cost of purchasing inventory and equipment. Independent businesses typically have limited bargaining power with suppliers.<\/p>\n

Recruiting and Training <\/strong><\/h3>\n

Good employees are the cornerstone to success for all businesses. A brand name franchise will usually have established recruiting and training programs to help business owners attract and retain the best talent.<\/p>\n

\u00a0<\/h2>\n

Disadvantages Of Owning A Franchise<\/strong><\/h2>\n

\u00a0<\/h3>\n

Higher Start-up Costs <\/strong><\/h3>\n

Buying an established brand name franchise is often more expensive than starting a business from the ground-up. Many franchises require an initial investment of anywhere from $5,000 to over $1 million. Other requirements may include a minimum net worth, liquid cash on hand, and good credit. While an independent start-up may be financially doable, it can be far riskier because the business model hasn\u2019t been tested and proven yet.<\/p>\n

Ongoing Franchise Royalty Payments<\/strong><\/h3>\n

Each year franchisees are required to make royalty payments to the franchisor in exchange for operational and marketing support from corporate headquarters.<\/p>\n

Less Privacy, Freedom, and Flexibility<\/strong><\/h3>\n

Franchising is based on conformity and uniformity, not necessarily freedom. As a franchisee, while you are the boss of your location, you do not have absolute control over everything in your store.<\/p>\n

You are expected to follow corporate directives. Franchise agreements give franchisors the power to change their required procedures, alter the product line, and they can even require franchisees to make purchases to be in compliance with new directives.<\/p>\n

Franchisees are required to share their financial information with the franchisor.<\/p>\n

Not All Franchises Are Created Equal<\/strong><\/h3>\n

Some franchisers may not provide the necessary resources you need to experience success at your location. Some franchisers will make promises of ongoing support and not provide it. Be sure to do your research and speak with other franchisees for feedback about the kind of support, training, and help you can expect.<\/p>\n

It\u2019s Your Bottom Line<\/strong><\/h3>\n

Choosing the right franchise for you and your goals is imperative. And, it helps to work with someone who knows the ins and outs of doing franchise due diligence. That\u2019s where I can help.<\/p>\n

I’ve been a franchise owner myself, and because of that hard-earned experience, I have access to insider knowledge that I am happy to share with anyone looking to own a franchise.\u00a0 Just let me know when you\u2019re ready to chat.<\/p>\n

\u00a0<\/h2>\n

I’d love to hear from you now.<\/h2>\n

What\u2019s one insight or key takeaway you got from this article?<\/p>\n

Share as much detail as you can. Your insights may be just what someone else needs to have a major breakthrough.<\/p>\n

Important: please share your thoughts and ideas directly in the comments. Links to other posts, videos, etc. may be removed.<\/p>\n

Thank you so much for reading, sharing, and commenting. It matters, and it makes more of a difference than you know.<\/p>\n

If you have any questions at all, please post them in the comments or send them to me at Todd@TheFranchiseConsultingCompany.com<\/a>. I’m more than happy to help if I can.<\/p>\n

And, if you aren’t already a “Franchise Pro Insider,” what are you waiting for? Sign up below to receive weekly updates and franchise industry news that will help you find the perfect franchise for you!<\/p>\n

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Ready To Schedule Your FREE Consult With Todd?<\/h2>\n

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About Anthony<\/h1>\n

Business CoacH<\/h3>\n

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam. Lorem ipsum dolor sit amet, cons<\/p>\n

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Contact Todd Today<\/h2>\n

Phone<\/h4>\n

(866)-934-7176<\/p>\n

Email<\/h4>\n

todd@thefranchiseconsultingcompany.com<\/a><\/u><\/p>\n

Address<\/h4>\n

130 Shore Road, Suite 133, Port Washington, NY 11050-2205<\/p>\n

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Ready To Become A Franchise Owner? Here Are Some Things To Consider First   A lot of people have a BIG dream \u2013 to own and operate their own business. I\u2019ve found this to be especially true for corporate employees who have been downsized \u2013 outsized \u2013 upsized in their current careers. Feelings of being […]<\/p>\n","protected":false},"author":1,"featured_media":540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"

Franchising Trends For Q3 2019<\/h2>

Hard to believe that we're heading into the third quarter of 2019 in just a few days. It's been a good year\u00a0 - a very good year - for franchises. And, if you've been considering opening up your own business - without the intense start-up headache phase, it's the perfect time to start exploring what's involved in purchasing a franchise.<\/p>

The franchising model works this way \u2013 you (the franchisee) buy the rights to market and distribute the products and services of another company (the franchisor) and to use its business name.<\/p>

Since you're \"borrowing\" another company's proven business model, brand recognition, and reputation, franchising can be a safer option for starting a new business.<\/p>

So, let's take a look at a few things you need to consider before you invest your hard earned money buying a franchise...<\/p>

  1. Is There Market Demand For Your Products And Services?<\/h2><\/li><\/ol>

    Do you already have an idea of the kinds of products and services you'd like to offer? Awesome!<\/p>

    Do you know if those products and services are in demand where you want to open your business? The only way to answer that question is through market research and hard data. What sells well in other areas of the country may not be well-received locally.<\/p>

    Are you a BIG thinker? Are you thinking about the possibility of branching out to owning multiple outlets in the future? Then, you need to assess the potential for that as well.<\/p>

    1. How Good Is Their Industry Reputation and Track Record?<\/h3><\/li><\/ol>

      Does the company offering the franchise have a proven track record of successfully franchising their business? Just because a company is offering franchising opportunities doesn't mean they are a good franchisor.<\/p>

      It's imperative that you do your due diligence. You should speak to current franchisees to get their perspective on the business - the good, the not-so-good, and the flat out ugly. A good question to ask is, \"If you could do this all over again, would you have picked this company to be your business partner?\" Be sure to listen to the different responses you get. If something negative is repeated often enough, you can be sure that it's a red flag.<\/p>

      1. What Does Your Investment Buy You?<\/h3><\/li><\/ol>

        Franchise fees represent a considerable portion of your investment - that number can range from a few thousand dollars to several million. Those fees typically cover training, equipment, and licensing rights.<\/p>

        You need to understand what the franchisor will be providing you for your investment. You need to carefully evaluate the time it will take for you to earn your upfront costs back to determine if the franchise you are considering is a sound investment.<\/p>

        1. What's The Competition Like?<\/h2><\/li><\/ol>

          Depending on how well-known the franchise is, there may already be lots of franchisees operating in the same area you want to open shop. And, depending on what your product or service is, there could be a lot of other rival companies.<\/p>

          Some competition is a good thing. Too much competition means the market could be over-saturated. That is not good for business.<\/p>

          Product and service offerings are a STRATEGIC business decision that you need to consider carefully. If you have a lot of competition, it will be much harder (and more expensive) for you to establish yourself.<\/p>

          If your products and services are unique, then competition will not be an issue. However, educating the public and creating market demand might be.<\/p>

          1. How Much Training Do You Need?<\/h2><\/li><\/ol>

            I've found that one of the significant advantages of franchising is the training and support offered to franchisees.<\/p>

            If you don\u2019t have a lot of business and operational experience, I highly recommend choosing a franchise that offers substantial training and support to ensure you get things started the right way. Some franchisors even provide on-going support after your franchise is up and running.<\/p>

            Statistics show that having the proper guidance and training from the start dramatically increases the chances of your franchise being successful.<\/p>

            1. Do You Have An Issue With Rules and Regulations?<\/h2><\/li><\/ol>

              \u00a0<\/p>

              It's not uncommon for franchisors to impose specific rules and regulations on how their franchises are to be run.<\/p>

              They usually require franchisees to follow specific guidelines and standards which can encompass things such as product offerings, prices, operational hours, store design, and other things.<\/p>

              While you may be the boss, the franchisor generally has the majority of control. If you\u2019re not comfortable in a situation like this, then running a franchise may not be what you\u2019re looking for.<\/p>

              As I mentioned earlier, 2019 is shaping up to be a VERY good year. The competition for new franchisees has never been greater.<\/p>

              Franchisors are finding new and more innovative ways to craft different offerings to attract new franchisees who normally would not consider investing in a franchise.<\/p>

              It's a franchise buyer's market. And, it's up to you to seek out and invest in a strong brand with solid business fundamentals and high growth potential.<\/p>

              Look for a franchisor who is focused on doing everything they can to help you succeed. It's smart business on their end. Your success will fuel their growth and ultimately their enterprise value.<\/p>

              The marketplace will always reward business owners who can carry a brand forward, build sales, profitability, and create exceptional value based on the strength of their experience.<\/p>

              I'd love to hear from you now.<\/p>

              What\u2019s one insight or key takeaway you got from this article?<\/p>

              Share as much detail as you can. Your insights may be just what someone else needs to have a major breakthrough.<\/p>

              Important: please share your thoughts and ideas directly in the comments. Links to other posts, videos, etc. may be removed.<\/p>

              Thank you so much for reading, sharing, and commenting. It matters, and it makes more of a difference than you know.<\/p>

              If you have any questions at all, please post them in the comments or send them to me at Todd@TheFranchiseConsultingCompany.com. I'm more than happy to help if I can.<\/p>

              And, if you aren't already a \"Franchise Pro Insider,\" what are you waiting for? Sign up below to receive weekly updates and franchise industry news that will help you find the perfect franchise for you!<\/p>","_et_gb_content_width":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[9],"tags":[],"yoast_head":"\nReady To Become A Franchise Owner? - Todd Weiss Franchise Consulting<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.toddweissfranchisepro.com\/ready-franchise-owner\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ready To Become A Franchise Owner? - Todd Weiss Franchise Consulting\" \/>\n<meta property=\"og:description\" content=\"Ready To Become A Franchise Owner? Here Are Some Things To Consider First   A lot of people have a BIG dream \u2013 to own and operate their own business. I\u2019ve found this to be especially true for corporate employees who have been downsized \u2013 outsized \u2013 upsized in their current careers. 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