What To Consider When Coming Up With A Franchise Idea by:Steve Gargin
So many people think that by getting into the franchise business
, they are setting themselves up for an easy way to make money, with a safety net under them the whole time. The only real advantage is that you are buying into a business model that works with the help of a company's marketing and sales abilities. But just as with starting a company from scratch, one must have a plan and a model to come up with and follow in order to get the money one will need to start the franchise.Naturally, one of the first things to consider is if the idea you are considering is legal or ethical? With the internet being as big as it is, there are many scams that are out there. Most of which come to you through an email. A good rule of thumb is if it sounds too good to be true, it probably is. If you see the phrase "work from home" run the other way, it is most likely a scam. If you see an idea and you like it, find out first if others have made the idea succeed. Contact them and talk with them at length. Also, contact the franchise company and ask to see their financial reports. They should always let you see them. Find out if they make a profit on a regular basis.
But most importantly, are you going to work hard to make the franchise idea work? A great deal of hard work and planning can go into a franchise business. You can lose just as much with a franchise idea as you can in any small business. So making and following a budget is extremely important. Most franchise companies will let you know what kind of revenue you can expect to make each year. Budget below that amount. And don't worry about what kind of experience you've had in the franchise's area. They provide training.
About the author
Steve Gargin is the administrator of http://www.franchise-helper.com which is a great website dedicated to giving free advice on franchise opportunities. FSBO Real Estate by:Steve Gillman Reducing "Desk Rage" in Your Organization by:Laura M. Stack, MBA, CSP The Ten Key Competencies of Personal Productivity by:Laura M. Stack, MBA, CSP Best Investment Real Estate Locations by:Steve Gillman What Is Forex Trading? by:David Morrison How to Choose the Right College Credit Card for You by:Richard Keir So How Was Your First Quarter? Today's Activities Determine Tomorrow's Success by:Mark Dembo The 6 Advantages Forex Trading Has Over Other Investments by:David Morrison Book Review: "The Baron Son" (National Bestseller) by:Buck Bradley Are You Correctly Located And Faced For Prosperity? by:Henry Fong Investors Chasing Uranium Mining Stocks, Again: A Favorite Emerges by:James Finch What Makes Your Home Business Succeed? by:Lil Waldner How To Find Debt Consolidation Solutions by:Sanjay Johari