Why Franchising?
Pick up an Entrepreneur magazine or Fin Week, Be your own boss...all these magazines are looking into the opportunities of buying into franchising. It is the latest craze.
I really want to take the time this week to look at buying into a franchise.
What does it entitle? Where do you start? Who can you trust? What about taking risks and what about financing?
Today I am looking into the idea of buying a franchise. There are some big and well known Brands out there; KFC; McDonalds; Mi-Vami; Mr. Video, only to name a few. The problem with buying into Big Brands is that you will need a lot of cash flow and you will also have to invest a few million.
Unfortunately the average entrepreneur don't have a few million lying around.
The whole idea of buying into a franchise is that the business plan has been tried and tested. A few businesses with the same business plan and target market made it work, and that wraps a safety net around the idea of risk taking. The reality is that even though the business has already been trial and error and the currently system the business is running is evidence enough that is is working, puts you a little at ease.
Whether you start your own business from scratch or you decide to buy into a franchise, you are still taking a risk. The risk taking is not the issue here. You as an entrepreneur need to make sure whether the risk is worth the taking.
Do your research. Take some time for yourself. Write down your ideas, like the sort of business you would be interested in, the hobbies you might want to turn into a business.
Take these ideas and Google possible franchises that correlate with your ideas.
It is very important to keep in mind that this is only the beginning of the process. The whole idea is to find what you are good at, what you like or dislike and choose your new career option.
The fact that you made the decision to be your own boss gives you the right and the boldness to choose your own destiny, therefore it is very important that you are selfish in your choice. Meaning that you are going to be in this business (the one you choose) for a few years, hopefully and it is important that you love what you do.
When you enjoy what you do, working hard will be enjoyable and even bearable during the troubled times.
Take the time to decide what you want to do and what you are really interested in.
In the next blog I will be focusing on choosing a target market and making your idea work.
Have a Great week everyone and enjoy finding your ideal business.
Corne
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Franchisee ? Did you mean the exactly meaning of this word? In simple terms I can say that It is a technique which achieve the business growth to provide minimizing of risk.
ReplyDeletefranchise in toronto
Hi Andaz Luise
ReplyDeleteI was aiming at informing readers and possible franchise owners about the where to start and what to look at.
If you have some advice, please feel free to share some.
Thank you for the comment.
Corne
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ReplyDeleteHey there! I will be looking forward to visit your page again and for your other posts as well. Thank you for sharing your thoughts about business for sale in your area. I am glad to stop by your site and know more about business for sale. Keep it up! This is a good read.
ReplyDeleteIf state law allows for the same agent to represent both the buyer and the seller in a single transaction, the brokerage/agent is typically considered to be a dual agent. Special laws and rules often apply to dual agents, especially in negotiating price.
Let us take the lead role in guiding you through the business-buying process by managing the due diligence process to avoid pitfalls.
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I must say, I thought this was a pretty interesting read when it comes to this topic. Liked the material. . . buy sell biz
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