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Franchise Ownership- A Less Risky Business Proposition Part 2 of 12

May 7th, 2009 by admin No CommentsNo Comments

Opening a business can be a risky proposition, even in good economic times, starting a business is fraught with dangers and pitfalls.

A path that many entrepreneurs have chosen is instead to purchase a franchised business. In a franchise, you are purchasing someone else’s business; they have perfected the marketing, sales, operations, management, and provision of the product or service. Their system reduces the errors most small business are prone to encounter and increases the chances of long term success for the business owner. In a franchise, in exchange for an upfront fee and an ongoing royalty, the entrepreneur gains the rights to own and operate the business following the franchisor’s model, philosophy and most importantly-their system. The purchase allows the entrepreneur to use their trademarks/ service marks, market and distribute the franchisors products and services and use their system of operations.

Some of the advantages of a franchise are: 1) a proven business model, 2) training, education and support, 3) a clear road map / business plan, 4) financial assistance in financing the business. Franchising can be an effective route to successful business ownership if you do not mind following someone else’s plan. Franchises are very strict in setting rules of what the franchisee can and cannot do in the marketing and operating of the business.

Take time to read the fine print to ensure you know what you are committing yourself to in the franchise agreement and make sure you can live with those commitments. Since most franchise agreements are for 20 years or more, you will be in business together for a long, long time.

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Filed under: Franchise, entrepreneur coaching, entrepreneurship, small business advice, small business consulting
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