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Considering a low cost franchise

Considering a Low Cost Franchise?

So, you want to get a franchise? You figure it’s a good way to be your own boss, without the risk if going it alone? Here are a few ideas to consider:

The Location – The location of business franchises matters a lot. The location of any business is critical to its success. It makes little sense to buy an ice cream business franchise if you intend to run your operations from Greenland. Consider the prevailing circumstances before you make a choice about any business franchises.

The Franchisor – An obvious one; who are you buying the business from? Quiz up the franchisor. Behind what’s said, and not said, and their tone, you’ll get a good idea of whether you want to proceed with them. Franchisors are keen to sell to intending franchisees so they’ll provide you most of the information you need to discover the opportunities of that franchise and make your own analysis.

The Niche – In researching a franchise opportunity you will find more than one service provider. It’s important you look for what separates them from the rest. Take for instance a tax franchise. Tri Tax’s founder Mr Carlos Marquez enthusiastic embrace of the Hispanic community has certainly contributed to the company’s success, he notes, “we know what it takes to build brand awareness and loyalty in this community. It’s much more than just speaking Spanish. Mr Marquez provides a common needed services – tax preparation but he has built a successful franchise concept where others did not understand this niche.

The Network – The problem with listening to sales pitches is that you often get to hear the good parts without ever getting an inkling of potential disadvantages. By networking with people who have already bought into franchises, you can investigate the claims of the franchisor for yourself and see if it’s the right one for you.

Time – Every business involves some amount of time and effort. What matters to a potential franchisee is whether they can put in the required amount. Different business franchises have different amounts of time and effort required to make them a success. Find something you are comfortable doing and success will be less of a hassle.

Monitoring – Find a number of business franchises that are similar or the same as the one you intend to purchase. Determine if the mode of operation of these franchises is something that can be easily learned and something you can do. If not finding another one that suits you may be the right thing to do.

The Fees – Buying a franchise may reduce investment risks as you are associated with an established provider. However, at times, this could be costly to you. There are some fees that you will have to bear like the franchise fee which runs from several thousand to hundreds of thousands, with royalty payments, to be made to the owner, which is usually a fixed percentage of your weekly or monthly gross income.

Even if you have not earned a significant income through the business it will still be necessary to pay royalties without fail.

The Restrictions – When you buy a franchise, remember that the franchisor usually controls the conduct of business to ensure uniformity in all the outlets. With these controls, you may find it difficult having your ability restricted to exercise your own business judgment and ideas.

The Staff – Once you find a franchise that suits, make sure that you hire people who are known or recommended by others to work for you. This makes you more comfortable and confident in the running of the business. Once you choose the people to work for your venture, make sure that they undergo the official training provided by the franchisor. Though you think you may be able to train them yourself, it’s better to visit the parent company as you will not be able to teach them everything

Find a franchise that suits your attitude; if you are an evening person, there is no point in investing in a venture that has an early start like a coffee shop. Neither should a morning person invest in a restaurant that runs late hours. So when thinking of franchising, make sure you find a franchise that best suits your nature, to ensure success in it.

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