If you are seriously considering going into business for
yourself but have limited experience, your best option may
be a franchise business. Franchises are everywhere and they
are a wonderful way to duplicate a great business idea
without carrying all the cost.
One of the most successful franchises is McDonald's and it
costs quite a lot to buy in. From the point of view of the
franchisee, a good franchise opportunity can give them a
framework upon which to build a successful business. If the
business is well marketed there will already be brand
awareness that you can capitalize on.
Best of all good franchises will provide tried and proven
recipes for success. You don't have to worry about the
nitty gritty of product development, marketing, or
developing a business plan. It is already done for you. You
just have to run an efficient and effective business,
providing a quality product and quality service.
It's that easy; but only if you buy into the right
franchise opportunity. Unfortunately, there are many
franchise operations that are someone's get rich quick
dream and they haven't built a viable and known business
first.
The first rule of selecting a franchise business
opportunity is to choose one with a track record of
success. You want to see steadily increasing profitability
due to good management, growing demand for the product or
service and excellent service. However, that is not enough
on its own. It takes skill, organization and excellent
communication skills to transform a successful and well run
business into a franchise.
You also need to have a keen sense of timing. For example,
with growing health consciousness, it is probably not a
good time to buy into a fatty fast food franchise. However,
with people so busy with work and other commitments that
they can't find the time to clean the dog, wash the car or
clean the house, personal service franchises are booming.
Just wanting to have your own business is not a good enough
reason to buy a franchise or start a business. You need to
give it a bit of thought; after all, for the first five
years your new business is going to require a lot of love
and attention.
Start by asking yourself what you are good at. What do you
love to do? If you don't like dealing with people then a
retail franchise is probably not a good idea. Try to match
your personality and abilities with the franchise
opportunities available and see if you are compatible. Once
you have narrowed down your possibilities to a few of the
best ones contact the franchisers and ask for an
information package. Read it very carefully.
You need to know what level of advertising and marketing
they will commit to, what training they will give you, what
help is available, the terms and conditions of the
franchise and the business model. Don't take any of this
information at face value. Make sure you get it evaluated
by an expert and don't sign any contracts until you have
received legal advice.
Good franchise opportunities will have a good reputation
and you should be able to discover it by contacting your
national franchise business association and possibly by
doing an online search. You do have to be careful with Web
endorsements though. A common internet marketing strategy
is to post comments in forums, write blogs and create an
'expert' persona to gain credibility.
The problem is, you don't know what's genuine and what
isn't. A franchise association website such as that of the
British Franchise Association can often provide a balanced
presentation of franchise opportunities. Legitimate
associations will only present viable franchises for your
consideration. They will also usually provide a lot of
information that will help you choose a franchise and run
it successfully.
A good rule of thumb when it comes to choosing a franchise
business opportunity is to choose one that has a history
and a good reputation offline. It is also advisable to seek
expert guidance before making a committed decision. The
internet can facilitate your initial research but it is up
to you to do your due diligence and become truly informed
about any franchise business you are considering. If you
start out right, franchising can make business success easy.
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Franchising still provides the best opportunity for
business success worldwide, to find out more about
franchise opportunities in the UK visit
http://www.thefranchisebusiness.co.uk
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