subject: Fear of Franchising? [print this page] Fear of Franchising?
Many people that I've met express an interest in purchasing a franchised business. But, far too often, they're held back by misinformation, unfounded concerns, personal misgivings, fear of failure or the alarmist reactions of family and friends.
Let me be frank. Franchising, like many other forms of business, has had to make up for past abuses by a few under financed or unscrupulous individuals. But, on the whole, there's probably no more effective business model in the world today. And the overwhelming percentage of franchisors are honest business people offering significant value to entrepreneurs looking to start a business.
A franchising arrangement grants an entrepreneur the right to sell a company's product or service in a defined territory. For payment of an agreed upon fee, the franchisee is permitted to conduct business under the franchisors brand and take advantage of all the intellectual property associated with it.
If you start a business on your own you can only guess at the difficulties and challenges that lie ahead. But if you decide to buy a franchise, instead of going it alone, the problems that entrepreneurs run into have already been worked through by the franchisor. A familiar saying in franchising circles is that when you purchase a franchise you go into business "for yourself, not by yourself." That, in a nutshell, is the power of franchising.
As a franchisee of a successful franchise you benefit from what has been learned by people that have often given years of their lives to creating a successful business organization.
A common way to learn a skill is from a master, but how often are you able to gain access to the very best? But you do when you purchase a franchise. You get educational training from the most skilled people in your franchise category a group of professionals that have done it all and know how to work through the rough times.
The educational methods of every franchise company are, to some degree, unique to that organization. Virtually all offer training in the best methods of selling their products or services, finding the best employees, bookkeeping and inventorying, and all the other techniques needed to operate a profitable business.
The best franchisors will send people to instruct and support you as you get things in place to open your new business. And, they'll remain by your side until you are comfortable managing the day-to-day tasks without their help. The franchisor wants you to succeed just as much as you do, because the more profitable you are the wealthier he or she becomes.
Another important advantage of owning a franchise business is that you get help in the marketing area, so that you don't have to become a marketing expert. A portion of the fees you pay as a franchisee goes towards marketing. But that doesn't mean you can't be a student of marketing and suggest tactics that might be applicable in your and similar markets.
While the economy may be experiencing the start of a turnaround, no company today can honestly guarantee your future as an employee. The only way to secure your destiny is to take things into your own hands. When you own a franchised business the hard work you do is realized in your profits. Owning a business franchise allows you to create a future for the ones you love and leave a legacy that will be appreciated for generations. Franchise ownership is a proven route to personal as well as financial success.
Don't let fear stand in your way of achieving both.
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