I often hear this comment; “Why should I pay a franchisor for something I can start-up myself?”. Good point. Let’s take a look at the elements that you’ll need to have in place for your new business. Here’s a short list:
- Funding- the #1 reason new businesses fail- insufficient funding
- A (proven?) business plan
- A Marketing plan- including demographics of business area.
- Real Estate (Unless home based)
- Products (Unless is service business)
- Supplies (If service business)
- Equipment Lease (Unless is service business)
- Advertising Media (Print, web, video etc.)
- Branding or Reputation. (Brand awareness)
- Training for staff: sales, administrative, customer service, technology…as needed.
Ok next, put a price on each of the items in the list above. Be honest and you’ll see that the initial investment is considerable.
Now consider that in a start-up model you are “on your own”. Oh sure, you can pay advisers like attorneys, accountants and marketing consultants but who knows if they have expertise in your particular business?
Well now- this picture is looking a little bleak. If you were affected by the down turn in the economy (and who hasn’t!), you may be unemployed and you need income as fast as possible. How about Risk? Is your new business a proven model or a crap shoot?
Now consider buying a franchise. First you’ll need help to identify the concept that fits your needs, your investment level, your financial needs, your skill set and can provide the life style that you’re looking for. Simple and Free- contact a franchise business consultant. A “franchise coach” if you will, is an industry expert that through a series of assessments and consultations will identify the top franchise opportunities that match your requirements- all that at no cost to you!
Once you have that short list of franchise businesses to consider, together you will investigate each and you’ll learn that all of the items you’ll need for a successful business are available to you. The franchisor has a team of experts in place to help you be successful in your new business. You’re not alone anymore! You’re on your way to a better life and new career.
Buying a franchise business over a start-up business lowers your risk and shortens the amount of time to profitability. But be careful, every franchise concept is NOT a good one. There are lots of franchises that are poorly run and are bad investments. Ask your franchise coach for help finding a good one and you wouldn’t regret it!
Stumble Upon
Del.icio.us
Buzz
