There are a number of questions an entrepreneur should ask himself before buying a franchise business. As with any new business venture, you should carefully weigh all your options before starting a franchise. This article will cover some of the many issues that should concern a potential franchisee. (more…)

Franchising offers industrious entrepreneurs the opportunity to be in business for themselves like an independent business, but not by themselves. But what does it take to be successful in franchising?

'Franchising requires a businessperson to have a strong entrepreneurial spirit, be motivated self-starters and love working with people,' says Lorraine McLachlan, President and Chief Executive Officer of the Canadian Franchise Association (CFA). “Hardworking individuals who enjoy working in a team setting often thrive in the franchise model. Great franchisees are people who understand the business objectives and are able to support and adhere to strategic directions of the franchise system. (more…)

Starting Your Own Video Franchise

Did you know that you can receive the kind of support and direction provided to franchisees and still open your own video store?

Video Store Builder Home Entertainment Businesses offers prospective video store owners the chance to create their own businesses but still reap the benefits that come along with being part of a franchise. Video Store Builder assists the entrepreneur in creating his business, turnkey, from start to finish. They provide help with planning elements such as store layout, and they provide the inventory and tools you’ll need to make your video store operational. Perhaps the key benefit, however, is that Video Store Builder will make connections with distributors for you. (more…)

Do you own a business that could be suitable for franchising? Consider if your business exhibits the foundation stones to form the basis of a successful franchise.

HISTORICAL TRADING PERFORMANCE
Franchising is about replicating a financial model that has already been achieved, so it is imperative that there be sufficient trading to give realism to any financial projections. (more…)

The fast food franchise industry is booming! It's a $125 billion a year industry! Although fast food franchising is successful, it takes a lot of hard work. To help you get set up for success here are some tips on what you should do to make that happen.

First, you want to evaluate your strengths, interests and financial situation. Ask yourself, what is drawing me to want to own a fast food franchise? Are you willing to work a ton of hours, holidays, and weekends? Having an idea of where you are financially will help you narrow down your search as well. (more…)

Are you trying to get a franchise off the ground? Do you need help financially? You first choice may be asking a family member for money. There are negatives and positives in asking a family member for financial help. Asking for money is definitely a tough question to ask family and doesn’t always go over well.

Before you ask a family member for money you may want to think it through. Here are some things to think about. (more…)

Chances are, if you are looking for the freedom that comes from owning your own business or franchise you have spent some serious time considering a small business. Other business opportunities to free you from the corporate ladder would also include a franchise business which allows you the freedom to be your own boss while using an existing market rather than having to create your own. But what many people may not initially realize is that there are home based businesses and small businesses that are also franchise opportunities. Here are the top ten small business franchises that offer the beauty of a low cost franchise and the convenience and freedom of a home based franchise business or small business franchise. (more…)

Have you considered investing in a home-based franchise? Maybe when you think of franchise, you think of McDonalds or Seven-Eleven. However, there are so many other options apart from fast food and convenient stores. Many of them can be run as home-based businesses which will save you money. Here are examples of types of businesses that can be home-based.

Bookkeeping is a major one. Many companies are actively looking for franchisees to grow their company. CFO Today and Padgett Services is a couple of companies that are looking to expand. (more…)

Do you have the misconception that franchisors are only looking for entrepreneurs to run their franchises? I would like to inform you that, that is not true. Entrepreneurs are wired to make their own decisions. They usually don’t like to be told what to do. This makes sometimes for a bad franchisee.

Franchisors have spent time in trial and error to set up a successful business and be able to teach a franchisee how to run the business. They are not looking for franchisees to reinvent the wheel. They are looking for someone to follow instructions well. (more…)

If you have asked a franchisor this question, you may not have gotten a straight answer (or one at all). The main reason lies in legalities. The Federal Trade Commission (FTC) has strict requirements for franchisors about how they can present earnings statements to franchisees. Earnings claims must be provided in writing in the Uniform Franchise Offering Circular (UFOC) and all material information must be accurate and substantiated. All assumptions or qualifications of data must be clearly labeled as such in the UFOC. Franchisors get nervous when answering questions about earnings because if they misrepresent themselves, even unintentionally, they could get into legal hot water. (more…)

Rommel Juan, president of novel Filipino food fare Binalot, says the easiest way to get into business nowadays is through a franchise. 'The success rate of a franchise business is higher than starting your own, considering the estimated 85% closure rate of start-ups,' he cites.

Compared to a startup, a franchise already has a brand, customer loyalty, and systems in place. Pacita U. Juan, president and CEO of Figaro Coffee Systems, Inc. encourages people to get into business through franchising: “When you get extra money or a windfall, get a business. You can be a full-time employee or you can be a part-time employee and full-time entrepreneur through franchising.” (more…)

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? (more…)

In today's rapidly changing economy, college graduates realize that embarking on a steady career that will last many years with one company is a reality of the past. More likely than not, college graduates will change jobs multiple times over the course of their professional lives, and job security will be something they only dream of. As a result, more and more young men and women entering the workforce are exploring options outside of the traditional “9-5” job. For the entrepreneurial thinker, buying a franchise will rank high on this list of possibilities. Yet, despite the inarguable success of numerous franchises and countless franchise owners across the country and around the world, is venturing into the franchise business the right choice for a recent college graduate? (more…)

Have you always wanted to own a franchise but are intimidated of the legal work that is entailed to start up a location from scratch? If this is the case you can buy a franchise that is already existent. There are some negatives and positives to buying an existing franchise location.

The major benefit of taking over an existing franchise is that it is already in operation. This means you do not have to go out and look for real estate, most employees stay so you don’t have to go through the hiring process. Another plus that it is already in operation is that vendors will already have their delivery schedules worked out and you will have well established customer base. (more…)

The Franchise Agreement is a legal document that governs the franchisee/franchisor relationship. There is no specific format to go by for a franchise agreement because each franchise varies. In general, here are the 10 things that are covered in the franchise agreement.

First, training and support provided by the franchisor is talked about in the franchise agreement. Each franchisor has their own training program for their franchisees and sometimes offers support throughout their time as a franchisee. The franchise agreement will tell you what kind of training the franchisor will provide as well as whether or not they will provide ongoing support. (more…)

It's the time of year for setting goals for 2008 and preparing to start the new year with a big jumpstart of activity toward accomplishing these goals. For many people, these goals include the desire to start their own business and become the master of their destiny, and franchising can fit very well into that picture.

Here are the top 10 reasons to select a franchise opportunity if you want to own your own business. (more…)

There are quite a few payments that franchisees must pay. There are on-time and ongoing payments. The FDC requires franchisors to list the fees that are required of the franchisee. These fees are usually located in the UFOC.

First, you will pay the initial franchise fee. This fee is required for a franchisee to have the rights to use the franchise trademark and sell its products and/or services. The franchisor has established a system that has been proved to work in the past and brand awareness. In return, the franchisors request a franchise fee, which can be under $10,000 or up to $100,000. (more…)

Investing in a franchise is a huge life changing decision. When going into this huge of an investment you should take every precaution. Here are some warning signs.

If the sales person is pushing you to sign, back off. If you feel a ton of pressure to sign when you’re not ready then don’t do it. A good franchisor makes sure the fit is right first and doesn’t force someone into it. (more…)

There a plenty of great reasons to go into business for yourself. Maybe you’re intrigued by the challenge of entrepreneurship. You're ready to step out of the day-to-day routine of working for someone else, which will lead to success on completely different levels and the opportunity to realize your fullest potential. Nonetheless, the key to running a lucrative company is finding the business opportunity that’s right for you. In today’s competitive marketplace, many ventures fail, which makes the prospect of starting a business rather intimidating. Fortunately, business franchises provide great opportunities for everyone, even beginners with little or no experience. Most importantly, the failure rates for franchises are significantly lower. This is true because franchising offers benefits such as brand name recognition, marketing plans, training, on-going support and lower start-up costs. (more…)

Before you can evaluate a franchise opportunity, you need to evaluate yourself first.

What are your hopes and dreams, your goals, both financial and personal, in owning a franchise? What are you good at? What do you like to do? What kind of lifestyle are you hoping to achieve by owning a franchise? Twelve-hour work days? Weekends off? Managing others? Doing the work yourself?

“There are all kinds of franchises in every sector of the economy,” said Susan Hancox, owner of Franchising Forte in Groveland, who counsels people on franchise opportunities. “It’s important to find one that matches your abilities and desires.”

Hancox said she takes a prospective franchisee through an extensive interview process involving the person’s work experience, managerial skills, financial skills, networking ability, marketing and operations experience. Different franchises will need different skill sets in the owner.