Franchising is a method of doing business where the buyer (the franchisee) runs a business by using the system and trademark of the seller (the franchiser or franchisor) or running one’s business by duplicating the success formula of the franchisor. Franchising has become one of the most popular forms of business venture in the last couple of decades. It is estimated that a new franchise business opens in the United States every eight minutes. There are now over 750,000 franchise businesses operating in the country. The popularity of franchising is due largely to the many advantages it offers. Primary among which is the relative ease that one can start a franchise business. It is almost foolproof because it is based on a business model that has been proven to be profitable. There is much less risk involved than starting a business with an unproved concept. So for those of you who wish to start a business but are somewhat risk averse, then a franchise business could be just what you’re looking for. So as not to mislead or disillusion you, franchising also has its fair share of cons and disadvantages. First of all, since you are buying an existing business model, you cannot be 100% independent and creative because you can’t divert from the operation manual and would have to follow the contract to the last letter. Also, as a franchisee, you are required pay a royalty fee based on a certain percentage of your monthly sales. Franchising offers more benefits over starting your own business. But you have to do your homework before buying a franchise. Although franchisers have done most of the work for franchisees, there are many things to consider first and things to do: research, test marketing, etc.. Some of the services that franchisers extend to franchisees are product or service support, proven business strategy or models, business advice, sales and promotion, selection of viable location, training, operations support especially during start-up, exclusivity of territory or location to avoid conflict with other franchisees and many other services. The crucial part is finding out which franchise business to buy. There is a wide variety of choices, any business opportunity you can think of in fact, from foodstuffs to car accessories and from laundry services to child daycare facilities. You have to know where your interest lies. As in any business, you should be interested or even passionate about your business. So choose the type of product or service that you are genuinely interested in. Franchise business opportunities are available everywhere—newspapers, flyers, brochures, directories, and of course over the Internet. You have to screen these opportunities also and make sure that you are dealing with reputable and not fly-by-night companies. Recommendations from existing franchisees are also important. Food-related franchise businesses are the fastest growing segment of the industry. For good reasons too, because...
Direct response advertising is a marketing technique with one purpose in mind. As the name implies, you want a direct response from the consumer. The aim of direct response marketing is to produce an action from the customer. This can be to make a phone call, sign up for a service, request a brochure,...
Franchising is a method of doing business where the buyer (the franchisee) runs a business by using the system and trademark of the seller (the franchiser or franchisor) or running one’s business by duplicating the success formula of the franchisor. Franchising has become one of the most popular...
You don’t have to be a seasoned professional to market like one. Even beginning business owners can ramp up their customer base and their sales by copying the proven marketing tactics the pros use. This article will provide you with marketing ideas that have stood the test of time and have repeatedly...
For a very long time, the term ‘salesman’ has carried with it an air of mistrust, one that tends to put people on their guard. The hard working, average Joe trying to make a living selling cars that have been previously owned has had a difficult time living down the smarmy ‘used car salesman’...
“Most people risk little and achieve nothing – they are quickly forgotten.” David Zindell Starting a business is an Endeavour fraught with risk. Every year hundreds of thousands of businesses open their doors for business and every year hundreds of thousands close their doors. But business failure is a risk you’ll have to undertake if you’re going to achieve success as an entrepreneur. Now,...
Write a business plan: Don’t let this scare you. Writing a business plan isn’t as hard as you think. A business plan is just a written statement about your business, the goals you have and how you intend to achieve them. Simple! Let me show you a short business plan (Very.) 1) what is it you’re going to do (idea): Gourmet fish and chips in a wealthy village 2) How are you going to do it: ...
So you want to start your own business. You’ve got a fabulous business idea and you’re going to take the world by storm. Richard Branson and Donald Trump had better watch out. Now all you’ve got to do is actually implement and execute the idea you have. Timing and Global economics: First off lets talk about the world economy and the economic landscape you could be entering into. Now I’m...
I’m sure you’ve read articles and seen sales letters that promise to tell you the secrets of business success, and all you need to do is buy their course and within a few months you’ll be earning untold of wealth. Well, you’re not going to hear that here, because the simple truth is there are no secrets. There is no set path, no definite strategy that can lead to success. All there is are...
Do you dream of someday owning your own business? Chances are it has at least crossed your mind at some point. America’s economy was built on small businesses, with the warm personalized touch of Mom and Pop stores that today’s mega-chain stores simply can’t provide. The entrepreneurial heart of our ancestors still beats within most of us today who are tired of working hard to make someone else...
