subject: Which Are The Best Franchise Opportunities Today? [print this page] Which Are The Best Franchise Opportunities Today?
There's a lot of factors when determining what the best franchise opportunities are today. You can easily say it depends on the prospective franchisee and you would be absolutely right. However, from a business perspective, it's very important to look at all the positives and all the negatives of typical franchises and see which ones have more positive attributes than negative attributes.
First let's look at the positives in franchise opportunities. Franchises are successful because they have proven systems that work therefore business owners don't have to go and 'reinvent the wheel'. The best franchise opportunities usually have very strong name brands that are well established along with a streamlined training system that when followed will usually produce success. More positives include having pre-established relationships with vendors and suppliers, clear cut marketing initiatives and somewhat of a quick time to get up and running.
On the other side, owning a franchise has a few limitations. For the most part, you are NOT allowed to modify your pricing, promotions, advertising, processes, etc. You are somewhat limited in your creativity which can be a good thing or a bad thing. You will most likely have territory restrictions, royalties that you have to pay on gross sales, you have to contribute to an advertising campaign and sometimes you have to open your store where the company says.
Furthermore, to own a franchise you usually have to have good credit, a considerable net worth and you must receive approval from the company to own a franchise. That kind of sucks because someone has to 'approve' you to be an entrepreneur. For the most part, owning just 1 franchise will NOT make you wealthy. Usually you will have to own multiple franchises to make the income that you desire.
The best franchise opportunities today can be identified by 2 main factors. The first one is choosing a franchise that you are passionate about and is in alignment with your values. No matter how many 'positives' or 'negatives' your franchise might have, if you're not 100% passionate about the business, industry, products or services, you're not going to be very successful because you're just not that into it.
The second factor is looking at the ratio of positives to negatives and discussed above and identifying some of the positives that don't exist in traditional businesses today. Because of the economy and recession, online franchises are gaining lots of momentum because they possess a ton of positives without the traditional headaches or traditional pitfalls of owning a 'regular' business.
When considering the best franchise opportunities for you and your family, make sure you do your due diligence, never leave any stone unturned and make the best decision based on what you're passionate about and what is in alignment with your values and goals.
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