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Is Franchising Right For Me?

Is Franchising Right For Me?

If you have been considering opening your own business but are concerned with risking your money with an unknown or unproven product or service, you may do well to consider franchising. Franchises are often the best way to go, especially for new entrepreneurs who are looking to be their own boss, but at the same time reduce their risk of losing their hard-earned money.

Unlike opening your own startup business from scratch, with a franchise you can get support from the parent company as well as fellow franchisees. You’ll find this can be a valuable resource, helping you with questions and guiding you toward your eventual success in the business world.

Whether or not you are successful in franchising depends a great deal on what type of business you are planning to start. Though, in most cases, you will find that, regardless of the type of business, franchising is the much safer and easier route to go.

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Which role will you play?

You will also want to decide what kind of role you want to play in the business. Do you want to be an absentee owner, who hires management staff that deals with the day-to-day running of the business, or do you want to be more like an owner/operator who is directly involved in running your own business?

About the investment…

    Another important question you will definitely want to consider is how much you plan on investing in your franchise. Franchises can cost anywhere from less than $10,000 to over $1 million.

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    For instance, opening a restaurant franchise will cost a bit more than opening a franchise selling merchandise from home, as you will have to deal with overhead costs such as equipment and food inventory with a restaurant. This BusinessNewsDaily article should give you a good idea of the different types of franchises out there as well as the startup costs.

    Make some research first.

    Once you’ve decided on the kind of business you want to get into and the initial investment you are willing to put up, you will want to carefully research the different franchise opportunities available. Some of the things you will want to consider include: how good of a support system they have, how good is the corporate staff, and how vested are they in seeing their franchisees succeed in their goals. This is an important life decision you are making, and the more time you take in researching your prospective franchisors, the more likely you will succeed in your franchise venture.

    One big part of researching potential franchisors is reading their financial disclosure document (FDD) carefully and thoroughly. You should pay close attention to past or current litigations (Items 1-4), financial performance and historical grown (Items 19 and 21), and current and past franchisees (Item 20). The last of these items is particularly useful for your research, as you can contact not only current franchisees to see how well the program is working for them, but also talk to franchisees who chose to get out of the franchise. It is a good idea to talk to as many franchisees as possible to get an overview of just how well the particular franchise works.

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    What does your franchise need to succeed?

      You may be wondering what type of people actually run successful franchises. Are franchises only for people who are business savvy with a master’s degree in business? Can the common man open a franchise and expect to succeed?

      You will be glad to know that there are many successful franchisees from all walks of life, from business gurus to the “common man on the street.” There have also been many famous celebrities who have recognized the value of franchises, such as those found in this Famous Franchisee Quiz! So, you will be in good company if you do decide to get into franchising.

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      This article only touches on a few of the aspects of franchising, but hopefully, it does answer your question on whether or not this is the right type of venture for you. Just keep in mind, whether you are franchising or deciding to start your business from the ground up, the number one reason for your success will always be YOU. Any business venture, regardless of what type of business it is, requires dedication and hard work, research and commitment. If you are willing to dedicate yourself to your business and put in the work, you have a good chance of becoming successful.

      Featured photo credit: businessfranchiseaustralia.com via businessfranchiseaustralia.com.au

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      Erick Clifford

      Journalist

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      Last Updated on June 26, 2019

      10 Things You Should Do If You’re Unemployed

      10 Things You Should Do If You’re Unemployed

      Regardless of your background, times today are tough. Uneven economies around the world have made it incredibly difficult for many people to find work.

      Regardless of age and qualification, stretches of unemployment have affected us all in recent years. While we might not be able to control being unemployed, we can control how we react to it.

      Despite difficult conditions, there are many ways to grow and stay hopeful. Whether you’re looking for work, or just taking a breather between assignments, these 10 endeavors will keep you busy and productive. Plus, some may even help push your resume to the top of the next pile.

      Here’re 10 things you should do when you’re unemployed:

      1. Keep a Schedule

      It’s fine to take a few days after you’re finished at work to relax, but try not to get too comfortable.

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      As welcoming as permanently moving into your sweatpants may seem, keeping a schedule is one way to stay productive and focused. While unemployed, if you continue to start your day early, you are more likely to get more done. Also, keeping up with day to day tasks makes you less likely to grow depressed or inactive.

      2. Join a Temp Agency

      One of the easiest ways to bridge the gap between jobs is to find temporary work, or work with a temp agency. While many unemployed people job hunt religiously, rememberer to include temp agencies in the search.

      While not a permanent solution, you will be in a better position financially while you search for something permanent.

      3. Work Online

      Another great option if you’re unemployed is online work. Many different sites offer a variety of ways to make money online, but make sure the site you’re working for is reputable.

      Micro job sites such as fiverr, as well as sites that pay for you to take surveys, are all quick, legitimate options. While these sites sometimes offer lower pay, it’s always better to move forward slowly than not at all.

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      4. Get Organized

      Unemployment is an excellent opportunity to get organized. Embark on some spring cleaning, go through old boxes, and get rid of the things you don’t need. Streamlining your life will help you dive head first into the next chapter, plus it helps you feel like your unemployed time is spent productively.

      5. Exercise

      Much like organizing your life, another good way to keep yourself enthusiastic and healthy is to exercise. It doesn’t take much to get slightly more active, and exercise can help you stay positive. Even a walk around the block a few times a week can do a lot for keeping you motivated and determined. If you take care of yourself, you can make the most of this extra time.

      6. Volunteer

      Volunteering is an excellent way to use extra time when you’re unemployed. Additionally, if you volunteer in an area related to your job qualifications, you can often include the experience on your resume.

      Not only that, doing good is a true mood booster and is sure to help you stay optimistic while looking for your next job.

      7. Increase Your Skills

      Looking for ways to increase your job skills while unemployed is a good way to move forward as well. Look for certifications or training you could take, especially those offered for free.

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      You can qualify more for even entry level positions with extra training in your line of work, and many cities or states offer job skills training. Refreshing your resume, and interview and job skills may make your job hunt easier.

      8. Treat Yourself

      Unemployment can be trying and tiring, so don’t forget to treat yourself occasionally. Take a reasonable amount of time off from your weekly job hunt to recharge and rest up. Letting yourself rest will maximize your productivity during the hours you job search.

      Even if you don’t have extra money for entertainment, a walk or visit to the park can do wonders to help you go back and attack your job hunt.

      9. See What You Can Sell

      Another good way to bridge the gap between jobs is to sell unused possessions. eBay and Amazon are both secure sites, but traditional garage sales are a fine option too. Sell off a few video games, or some electronics, for some quick and easy cash while you figure out a permanent solution.

      10. Take a Course

      Much like training and certifications, taking a class can be a good way to keep yourself sharp while unemployed. Especially when you’re between jobs, it can be easy to forget this option, as most courses cost money. Don’t forget the mass of free educational tools online.

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      Keeping your brain sharp can help you stay focused and may even help you learn some new, relevant job skills.

      The Bottom Line

      While unemployment numbers are still high, there are many things you can do to better yourself and move forward. While new skills to aid your job hung might seem out of reach, there are plenty of free ways to get ahead, online and off.

      Additionally, don’t forget that taking time for yourself can do wonders for keeping you productive in your job hunt. While it is a challenge, don’t give up–being unemployed can offer you extra time to better yourself, and possibly grow more qualified to find work.

      Featured photo credit: Resume – Glasses/Flazingo Photos via flickr.com

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