In a tough economy, why should I consider a franchise opportunity and what should I look for in making the decision?
Perhaps the leading reason to consider a franchise when economic times are tough is the assistance you receive getting the business started which allows you to get a good start with an established brand. It is important to choose the right franchise, one for which you have respect and passion. You are associating your name with the franchise, so they should be ethical, customer service oriented and focused on industry leading quality products. Passion is important because, like any business, you will want your success to come from your heart in delivering good products and services to those who exchange their money with you
In uncertain times and with a growing change toward newer generations accepting business ownership as an out-of-college employment option, it makes sense to align one's self with an established brand and business system that can provide a more plug-and-play experience. With a quality established brand, people see franchising as a good way to more confidently enter their own business.
"People don't want to go to just another job' explains Greg Holsen. "They want a career for which they can be highly passionate about what they do each day. What is exciting about what we do is we give people a real connection between that passion and the work they are doing."
But starting a new business can be difficult without the help of a successful franchisor. You will save thousands of dollars by plugging into a franchise system, but traditional franchise systems require substantial funding with high liquidity for instant access to funds. Consider what it takes financially to open a traditional franchise.
This brings us to Personal Franchises which offer similar support and training programs as traditional franchises with a far less cost of entry. Personal Franchises avoid the costs of overhead and facilities through their home-based approach. "It is one of the lowest cost investments in the country, at just a $500 - $1000 initial franchise fee" Mr. Holsen says. "The market potential is absolutely phenomenal." What makes this industry so much more exciting is that motivated people who have a passion for a business can succeed with very little to no risk. "In my eyes, this is the perfect business model because you have the development and support systems, established branding and infrastructure that allow you to focus on building the business instead of creating and managing the physical foundation of a business". Consider also that the Personal Franchise allows you to act as a master franchisor by expanding your organization to other individuals who share your passion and you are rewarded with a sales override very much like traditional franchising. Support in starting a business is often referenced as the key reason first time businesses owners see success in their initial venture.
"I would tend to say that with the exciting new concepts I am seeing in Personal Franchising, that we are at a very exciting time for people to step into being a first time entrepreneur and making a decision that will provide them a once in a lifetime opportunity to build recurring income without trading hours for dollars" stated Holsen
All these franchisors are looking for franchisees with the ability to communicate with people and help them mesh different skill sets together. In many cases this is the new gold rush and franchisees can expect to comfortably operate their businesses well into their "golden" years, according to Mr. Van Valer.
Top Picks:
For our latest top picks go to:
CashFlowPotentials.com
Perhaps the leading reason to consider a franchise when economic times are tough is the assistance you receive getting the business started which allows you to get a good start with an established brand. It is important to choose the right franchise, one for which you have respect and passion. You are associating your name with the franchise, so they should be ethical, customer service oriented and focused on industry leading quality products. Passion is important because, like any business, you will want your success to come from your heart in delivering good products and services to those who exchange their money with you
In uncertain times and with a growing change toward newer generations accepting business ownership as an out-of-college employment option, it makes sense to align one's self with an established brand and business system that can provide a more plug-and-play experience. With a quality established brand, people see franchising as a good way to more confidently enter their own business.
"People don't want to go to just another job' explains Greg Holsen. "They want a career for which they can be highly passionate about what they do each day. What is exciting about what we do is we give people a real connection between that passion and the work they are doing."
But starting a new business can be difficult without the help of a successful franchisor. You will save thousands of dollars by plugging into a franchise system, but traditional franchise systems require substantial funding with high liquidity for instant access to funds. Consider what it takes financially to open a traditional franchise.
- Write franchisor a check for $25,000 - $300,000 for licensing rights to the franchise and training.
- Find retail space, sign lease - invest between $5,000 and $150,000 on average to get the space in serviceable condition to meet the requirements of the franchisor.
- Get equipment, signage and permits for operation - budget around $15,000
- Invest in hiring of staff and training - budget around $5,000 - $15,000 on average
- Invest in advertising and promotion to open business - budget varies - but a good roll out will cost around $5,000
- Budget for first three months operation expenses - $10,000
This brings us to Personal Franchises which offer similar support and training programs as traditional franchises with a far less cost of entry. Personal Franchises avoid the costs of overhead and facilities through their home-based approach. "It is one of the lowest cost investments in the country, at just a $500 - $1000 initial franchise fee" Mr. Holsen says. "The market potential is absolutely phenomenal." What makes this industry so much more exciting is that motivated people who have a passion for a business can succeed with very little to no risk. "In my eyes, this is the perfect business model because you have the development and support systems, established branding and infrastructure that allow you to focus on building the business instead of creating and managing the physical foundation of a business". Consider also that the Personal Franchise allows you to act as a master franchisor by expanding your organization to other individuals who share your passion and you are rewarded with a sales override very much like traditional franchising. Support in starting a business is often referenced as the key reason first time businesses owners see success in their initial venture.
"I would tend to say that with the exciting new concepts I am seeing in Personal Franchising, that we are at a very exciting time for people to step into being a first time entrepreneur and making a decision that will provide them a once in a lifetime opportunity to build recurring income without trading hours for dollars" stated Holsen
All these franchisors are looking for franchisees with the ability to communicate with people and help them mesh different skill sets together. In many cases this is the new gold rush and franchisees can expect to comfortably operate their businesses well into their "golden" years, according to Mr. Van Valer.
Top Picks:
- Send Out Cards
- Fuel Freedom
- Wine Shop At Home
- Mannatech
For our latest top picks go to:
CashFlowPotentials.com
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