Are you a victim of "downsizing" - taken an early retirement that you felt was forced upon you so you had no choice whether to take it or not. Maybe you've finally completed that degree that you thought was going to be your "ticket" to security or even wealth, but you either can't find a job or the positions you're finding aren't exactly what you were hoping for. All of these scenarios are very common in today's world. The question is what can you do?
For many, the answer is, "Well, why don't I just go into business for myself?" If you have work experience that you feel you can translate into a business venture then this may just be the right path for you. Even if you're straight out of college, your focus of study could lead you to a profitable business.
If you were given some type of severance package, you may have some dollars to invest in getting a new business off the ground. Today, many people are considering one of the many franchise opportunities available. So let's look at the franchise industry as a starting point.
First off, let's consider the advantages and disadvantages of buying/owning a franchise.
# Name Recognition
Everybody's heard of McDonald's, Subway and other food related franchises, but what about Speaking Roses, Return-a-Pet, or even The Pajama Man? Maybe you get just about as much name recognition as you can afford to pay for.
# Marketing & Advertising
If you're going to open a franchise business, how and how quickly are you going to attract paying customers? Are there plans for a Grand Opening or initial business promotions? If so, what are they and what is the cost to you? On-going advertising is very important and likely to be an additional expense for you as the franchisee. Remember, some portion of the advertising fees you pay may be spent for national advertising and to attract other new franchise owners - not to promote your specific location or outlet.
# Training and Other Assistance
This is one of the primary reasons for investing the money into a franchise. If you choose a franchise in which you have a lot of experience this may not be as important as if you do not. Make sure you understand the level of training and assistance you'll receive before you make a commitment to purchase a particular franchise. Make sure you're clear about the training you and your employees will receive both before and after your business is open. Who will be doing the training and what are their qualifications? If there's a problem or you need additional assistance, who can you call? If you're not sure that the support you need in this area will be available, think long and hard before selecting that particular franchise opportunity.
# Site Selection and Territory
Are there clearly defined geographic boundaries? How close can other franchises who may be your competitors be located?
# Restrictions
Does the franchisor have restrictions on what you can sell or who you must buy your supplies from? Can you transfer ownership?
When I Googled "franchise opportunities" how many possibilities do you think came up came up? You would expect there to be hundreds, even thousands - even I didn't expect 10,300,000 - and that's not even counting the pay-per-click ads on the side! So, let me help you narrow down that vast search.
Consider what kind of investment is required,
a) for the franchise
b) the location
c) equipment to operate the business
d) inventory, etc.
What is the "right" industry to choose? It would seem natural to select something that fits with your educational and/or business career background. How about a franchise involving a hobby that you've enjoyed and been involved with for years?
Ok, great, what's the required investment and or liquid capital you need to have available? Oh, and let's not forget about your net worth. There are typically 3 ranges of investment choices 1) $100,000 or less 2) $100,000 to $500,000 and 3) $500,000 +. You don't find out about the liquid capital and/or net worth requirements until you start to investigate the various franchise options. Then you find out that if you don't have a net worth of $250,000 or more, you're probably not a candidate to be a franchise owner. And once you plunk down your franchise fee, you then need to have additional liquid assets.
If all this sounds like way too much money for something that might not even work, then the next avenue you may consider is starting a business without the support of a franchise behind you. We'll explore that next.
Are you interested in exploring a "franchise like" business model that can offer you immediate full or part time income with minimal investment? And you would be working with the number one companies in two emerging market sectors. Life, Health, Auto - even Pet Insurance are all readily available today. The newest wave of coverage gives affordable access to the most exclusive "country club" in the world - the legal system.
0 comments:
Post a Comment