Thursday, 29 September 2011

Franchising – Can you run one successfully

Being your own boss is one of the goals practically everybody has and that is probably one of the reasons why lots of people turn to operating a franchise as opposed to starting their own business from the ground up. My suggestion to you is not to consider a franchise as a new business but instead think of a franchise as a arm to an already established business.The first thing you need to understand about franchises is not everybody is equipped to handle them and that is why you must know if you have what it takes or not. What lots of people do not understand is operating a franchise is not as hard as they may think, especially with the support and guidance of the franchise itself. When it comes to franchises they have just as much on the line as you do and the reason is because it takes money to train you, it takes money to have your business all setup, and it takes money just to get all the paperwork written out and processed. What you must realize is the franchise you’re going to operate wants you to succeed probably more than you want yourself to succeed and the reason is because their company rides on your success.In order to understand if you have what it takes to run a franchise you need to first be able to answer a few really easy questions; Why do you want to start a franchise, What experience do you have operating a business, What skills could you bring to the company, and finally are you ready to put in long hours until the business is full grown? These are all things you should ask yourself in order to know if you have what it takes to run a franchise. If you do not know that much about franchising or you do not have a lot of time to devote to something like this then the one thing you need to know is that you could hire somebody but the issue is you’ll have to dish out the money before you even begin earning any.The final thing you need to know about determining whether you have what it takes or not to run a franchise is that it all boils down to your energy and your determination. Are you passionate about earning money from the franchise or is this just something you want to attempt and see how it works? The reason you should be passionate about earning money from the franchise is because without a passion or being motivated to do something you probably won’t and that means your determination is non-existant and you will not want to do everything you can to see the franchise become successful. My suggestion to you is before you get into a contract with a franchise you should figure out if this is something you really want to do or what. If you’re not sure about whether or not it will be tough then consider opening an uptown cheapskate franchise since they are already established and you’ll have the chance to grow with them.

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